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

The EU, a group of countries with shared economic interests, exports about $2 trillion worth of goods to the U.S. The 27 countries had hoped for a lower tariff of 10%, similar to the deal Trump negotiated with the U.K. and well below the original threat of 30% tariffs, but most analysts expected something closer to 15%.

"The biggest piece in the trade deal puzzle still remains, and the Chinese are unlikely to be as willing to fold."