The announcement came after Trump and European Commission chief Ursula von der Leyen met briefly at Trump’s Turnberry golf course in Scotland.

"I think it's the biggest deal ever made," Trump said of the new agreement, which will reduce the bloc's tariff rate to 15 percent.

Global stocks rose and the euro firmed on Monday after a trade agreement between the United States and the EU lifted sentiment and provided clarity in a pivotal week headlined by the Federal Reserve and the Bank of Japan policy meetings.

A flood of economic data is coming, Big Tech earnings on deck, U.S. officials talk trade with China, and more news to start your day.

Europe is to be flooded with American cars and energy after Brussels struck an eleventh-hour trade deal with Donald Trump. Under the terms of a pact announced on Sunday, the European Union will face 15 per cent tariffs on exports to the US, staving off a full-blown trade war after months of negotiations.