Global markets were lifted after the US and China substantially reduced tariffs imposed as part of a trade war between the world’s two largest economies.

European shares rose on Monday, as investors welcomed signs of progress in U.S.-China trade talks aimed at cooling a trade war between the world's two largest economies and dispelling some of the uncertainty clouding financial markets.

The United States and China are set to provide details on Monday of the “substantial progress” made during talks in Switzerland over the weekend aimed at cooling trade tensions ignited by US President Donald Trump’s sweeping tariffs.