The U.S. and China agree the framework of a trade deal with Presidents Trump and Xi Jinping due to meet later this week in South Korea. U.S. Treasury Secretary Scott Bessent says the move will help to dial down any further trade tensions between the two nations. Equity markets in Greater China have responded positively to the news while the Nasdaq is set to start the week 1 per cent higher. France has avoided a hat-trick of ratings agency downgrades, but Moody’s has revised its forecast for the country to ‘negative’, citing ongoing political turmoil and deficit fears. Swiss pharma giant Novartis has swooped for U.S. biotech firm Avidity in a $12bn cash deal.

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