European stocks climb

On Monday stocks in Europe climbed and futures pointed to a higher open in U.S. markets as investors looked to China’s Xi Jinping to calm a trade dispute between the world’s two largest economies. Treasuries fell and the dollar steadied.

Banks and industrial companies led European stocks to a three-week high, mirroring gains in Asia. Commodities rebounded after their worst weekly drop since midMarch, with oil and industrial metals rallying. The yuan reversed gains as the country’s leaders were said to evaluate the impact of a gradual currency depreciation. Havens showed little reaction to a missile attack on a Syrian airbase that Russia and Syria reportedly blamed on Israel.

Traders are anticipating a statesman-like performance from President Xi in a speech Tuesday at the Boao Forum for Asia. While senior officials are examining options in case matters get worse, he is expected to deliver a strong warning about the consequences of an escalation to a full trade war. Currency moves, including a recovery in emerging markets and weaker gold prices, bore out the returning sense of calm.

The Stoxx Europe 600 Index increased 0.5 percent as of 10:37 a.m. London time, the highest in more than three weeks. Futures on the S&P 500 Index gained 0.7 percent. The MSCI All-Country World Index climbed 0.2 percent. Hong Kong’s Hang Seng Index rose 1.3 percent to the highest in almost two weeks. Germany’s DAX Index rose 0.9 percent to the highest in more than three weeks.

The euro climbed less than 0.05 percent to $1.2282, the strongest in a week. The British pound gained 0.1 percent to $1.4113, the strongest in almost two weeks.

West Texas Intermediate crude gained 0.4 percent to $62.30 a barrel. Gold decreased 0.3 percent to $1,329.50 an ounce. LME aluminum increased 3.3 percent to $2,108.50 per metric ton, the highest in a month.