European stocks are set to open slightly higher Wednesday as markets continue to rebound from a sell-off Monday resulting from China's announcement of retaliatory tariffs on U.S. imports.
Recent sessions saw a recovery rally across all major markets following a sell-off Monday on the back of China hiking tariffs on $60 billion worth of U.S. goods in an escalation of the trade war between the world's largest economies., with the Federal Reserve Bank of New York's gauge of recession probability over the next 12 months now at 27.5%, the highest since the financial crisis.
Shares in Asia Pacific were higher across the board in afternoon trade with the Shenzhen component showing strongest gains, up 1.45%. Stateside, investors will continue to monitor ongoing talks after President Donald Trump softened his tone on the trade war Tuesday, referring to it as a "little squabble" and insisting talks had not collapsed.
Back in Europe, the U.K. government announced that Prime Minister Theresa May will bring her Brexit deal back to Parliament in the week of June 3, as talks with the main opposition Labour party continue despite an apparent lack of progress.
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