The United States and China agreed to halt the escalation of tariffs imposed on each other for 90 days, with Washington reducing tariffs on China to 30% and Beijing lowering its tariffs on American imports to 10%, according to a rare joint statement issued by the two countries following high-level trade talks over the weekend.

- A new monthly reading of consumer prices in the United States will be at the forefront of the economic calendar this week, which could shed some light on the impact of recent trade tensions.

- Shares of pharmaceutical companies fell after Trump announced plans to sign an executive order aimed at reducing prescription drug prices in the United States by 30% to 80%.

- Oil prices rose as the announcement of the trade agreement between China and the United States raised hopes that the world's largest crude oil users may be moving toward a resolution of their dispute.