Global stocks and the dollar are poised for weekly gains as President Trump’s decision to backtrack on tariffs fuels investor optimism. Markets across the Asia-Pacific region climb amid hopes of a thaw in the U.S.-China trade war.

European stock markets opened lower after reaching record highs earlier this week, as investors weighed the growing likelihood of a peace deal in Ukraine. While Asian markets showed mixed results, Goldman Sachs projected upside potential for European equities amid ceasefire optimism.