stock market Photo:VCG

Asian and European stock markets rallied significantly on Monday, following reports that China and the US would release a joint statement Monday introducing specifics of their two-day high-stakes trade talks in Geneva during the weekend. 

At the market close on Monday, the Shanghai Composite Index rose 0.82 percent to end at 3369.24 points, the Shenzhen Component Index gained 1.72 percent, and the ChiNext Index rallied 2.63 percent. 

Asia-Pacific markets broadly closed higher on Monday, with Japan's Nikkei 225 closing up 0.42 percent higher, and South Korea's KOSPI rose by 1.17 percent.

China's A-share market closed at 15:00 pm just before the release of the joint statement.

Following the official release of the joint statement, Hong Kong stocks surged, with the Hang Seng Tech Index briefly soaring over 6 percent and the Hang Seng Index rising more than 3 percent.

US stock futures, which were higher ahead of the announcement, rallied too. Contracts tied to the tech-heavy Nasdaq 100 jumped nearly 4 percent and S&P 500 futures gaining 3 percent.

US-listed Chinese stocks surged in premarket trading, with XPeng up 8 percent, Alibaba gaining over 8 percent, Li Auto rising more than 7 percent, NIO climbing over 6 percent, and JD.com up 6 percent.

European stocks also extended their gains, with Italy's FTSE MIB up 2 percent, the Euro Stoxx 50 rising 2 percent, Germany's DAX gaining 1.7 percent, and France's CAC 40 climbing 1.48 percent.

Global Times