LIVE MARKETS-Before the bell: EuroSTOXX50 futures up 1.7%

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BEFORE THE BELL: EUROSTOXX50 FUTURES UP 1.7%

European shares were set for a strong Monday start after U.S. President Donald Trump backed down from threatened 50% duties on European Union shipments from next week, providing relief to markets after Friday's sharp pullback.

The abrupt decision, coming after European Commission President Ursula von der Leyen told Trump the EU needed more time for a deal, drove EuroSTOXX50 futures up as much as 1.9% in Asian hours. They were last up 1.7%.

Euro zone bank futures rallied even harder, up 2.3%, and shares in German carmakers were strong too in early trade.

While trade newsflow will likely remain centre stage for investors, along with concerns over U.S. debt, the attention on Wednesday will squarely turn to Nvidia's report, a possible key test for the stock market rebound.

Wall Street will remain shut for Memorial Day, but U.S. futures were trading and were last up more than 1%. A public holiday in the UK will also make for a quieter day.

Corporate news was thin in Europe.

A weekend press report said Thyssenkrupp TKAG.DE plans to hold a shareholder meeting on August 8 to approve a planned spin-off of its warship division later this year.

(Danilo Masoni)

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