Bangkok, Jul 28 (AP) Stock markets in Europe and Asia shot higher Monday after the European Union worked out a trade deal with the Trump administration ahead of this week's deadline.

US futures and oil prices were higher ahead of trade talks in Stockholm between US and Chinese officials.

Germany's DAX gained 0.6 per cent to 24,359.81, while the CAC 40 in Paris advanced 0.8 per cent to 7,900.48. Britain's FTSE 100 picked up 0.3 per cent to 9,148.34.

The agreement between the EU and US President Donald Trump calls for 15 per cent tariffs on most EU exports to the US Before Trump began ramping up tariffs, the level was 1 per cent.

The deal was announced after Trump and European Commission chief Ursula von der Leyen met briefly at the president's Turnberry golf course in Scotland. It staves off far higher import duties on both sides that might have sent shock waves through economies around the globe.

Tokyo's Nikkei 225 index lost 1.1 per cent to 40,998.27 after doubts surfaced over what exactly last week's trade truce between Japan and Trump entails, especially Japan's USD 550 billion pledge of investment in the US.

Terms of the deal are still being negotiated and nothing has been formalized in writing, said an official who insisted on anonymity to detail the terms of the talks. The official suggested the goal was for a USD 550 billion fund to make investments at Trump's direction.

Hong Kong's Hang Seng index gained 0.7 per cent to 25,563.32, while the Shanghai Composite index edged 0.1 per cent higher to 3,597.94. Taiwan's Taiex rose 0.2 per cent.

CK Hutchison, a Hong Kong conglomerate that's selling ports at the Panama Canal, said it may seek a Chinese investor to join a consortium of buyers in a move that might please Beijing but could also bring more US scrutiny to a geopolitically fraught deal. CK Hutchison's shares fell 0.6 per cent on Monday in Hong Kong.

Elsewhere in Asia, South Korea's Kospi climbed 0.4 per cent to 3,209.52, while Australia's S&P/ASX 200 rose 0.4 per cent to 8,697.70. India's Sensex slipped 0.3 per cent.

Markets in Thailand were closed for a holiday.

On Friday, the S&P 500 rose 0.4 per cent to 6,388.64, setting an all-time for the fifth time in a week. The Dow Jones Industrial Average climbed 0.5 per cent to 44,901.92, while the Nasdaq composite added 0.2 per cent, closing at 21,108.32 to top its own record.

Deckers, the company behind Ugg boots and Hoka shoes, jumped 11.3 per cent after reporting stronger profit and revenue for the spring than analysts expected. Its growth was particularly strong outside the United States, where revenue soared nearly 50 per cent.

But Intell fell 8.5 per cent after reporting a loss for the latest quarter, when analysts were looking for a profit. The struggling chipmaker also said it would cut thousands of jobs and eliminate other expenses as it tries to turn around its fortunes.

Intel, which helped launch Silicon Valley as the US technology hub, has fallen behind rivals like Nvidia and Advanced Micro Devices while demand for artificial intelligence chips soars.

Companies are under pressure to deliver solid growth in profits to justify big gains for their stock prices, which have rallied to record after record in recent weeks.

Wall Street has zoomed higher on hopes that President Donald Trump will reach trade deals with other countries that will lower his stiff proposed tariffs, along with the risk that they could cause a recession and drive up inflation.

Trump has recently announced deals with Japan and the Philippines, and the next big deadline is looming on Friday, August 1.

Apart from trade talks, this week will also feature a meeting by the Federal Reserve on interest rates. Trump again on Thursday lobbied the Fed to cut rates, which he has implied could save the US government money on its debt repayments.

Fed Chair Jerome Powell has said he is waiting for more data about how Trump's tariffs affect the economy and inflation before making a move. The widespread expectation on Wall Street is that the Fed will wait until September to resume cutting interest rates.

In other dealings early Monday, US benchmark crude oil gained 40 cents to USD 65.56 per barrel. Brent crude, the international standard, added 40 cents to USD 68.06 per barrel.

The dollar rose to 147.85 Japanese yen from 147.71 yen. The euro slipped to USD 1.1719 from USD 1.1758. (AP) GRS GRS

Trade agreement imposes new tariffs on EU exports, temporarily averting higher import duties and market disruption. A negotiated EU-US trade understanding establishes 15 per cent tariffs on most EU exports to the United States as an interim framework to forestall much higher reciprocal duties. The terms are still under negotiation and not formalized in writing, and officials linked the talks to plans for a US-directed investment vehicle. The package affects market expectations, foreign investment scrutiny for politically sensitive transactions, and intersects with monetary policy deliberations about tariff-driven inflationary effects.