U.S. stock index futures fell collectively before the market open, European stocks rose for five consecutive days, and spot gold dropped over 1%

European stock markets continued their upward trend on Monday, marking the longest consecutive rise since January this year, mainly benefiting from investors' expectations of a potential softening of U.S. trade policies and a series of high-profile merger and acquisition deals. After four consecutive days of gains in the U.S. stock market, all three major stock index futures fell on Monday. Meanwhile, Asian markets showed mixed results, with Japan's Topix erasing losses since the tariffs announced by Trump on April 2, as investors awaited the latest signals on trade negotiations. As of the time of publication, the pan-European Stoxx 600 index rose by 0.6%, marking the fifth consecutive trading day of gains for the index since January. The automotive and tourism sectors led the gains, while insurance stocks performed the weakest. The wave of mergers and acquisitions became the market focus, with several European companies' stock prices soaring. However, European stock markets have still not fully recovered from the losses in April, as investors continue to closely monitor the twists and turns of Trump's tariff policies. Although recent performance has been strong, the market remains overshadowed by the clouds of the trade war. Meanwhile, all three major U.S. stock index futures fell, with the S&P 500 index futures down 0.2%, indicating that the four-day rebound in the U.S. stock market may come to an end. In pre-market trading in the U.S., Nvidia fell over 1%, Intel dropped 1%, and Meta rose nearly 1%. In Asia, Japan's Topix index erased losses since the tariffs announced by the U.S. on April 2. By the close on Monday, the Nikkei 225 index rose 0.4%, closing at 35,839.99 points. The Topix index rose 0.9%. Spot gold fluctuated and fell, with a daily decline of over 1%. The U.S. dollar index continued to rebound, approaching the recovery of the 100 mark. U.S. Treasury yields remained stable, with the 10-year Treasury yield reported at 4.258 during the day. The euro continued to decline, with the euro against the U.S. dollar down 0.17% during the day, and the euro against the British pound down 0.4% to 0.85059, the lowest since April 7 Oil prices continue to be weak, with Brent crude currently at $65.69 per barrel. Trade Negotiations and Policy Expectations: Investors Bet on a Possible Softening of Trump's Stance As countries seek to negotiate trade agreements with the United States, investors hope that Trump's stance may soften, and some of the most severe tariff measures may be reduced. At the same time, China's signals for further economic stimulus policies have also helped boost market sentiment. Additionally, traders expect the European Central Bank to further ease policies to cushion the impact of U.S. tariffs on the European economy. This multiple easing expectation has driven optimistic sentiment in the market. Aneeka Gupta, Head of Macroeconomic Research at Wisdomtree UK Ltd, pointed out that last week's rise in European markets was driven by signs of easing trade tensions and surprises in first-quarter earnings that exceeded expectations. The broader tariff framework remains a key concern. As the earnings season unfolds, the easing of trade negotiations or further clarity on tariffs is likely to determine the performance of European exporters and cyclical industries