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Equity futures moved higher after US President Biden said he will discuss with Treasury Secretary Janet Yellen about removing some of the tariffs on Chinese imports. Stocks have been volatile as investors are anxious about the uncertainty of the impact of China's Covid policies on growth and the state of corporate margins given the disappointing earnings from Walmart and Target last week.

Investors have continued to wrestle with worries about an economic downturn this year, as the Federal Reserve raises interest rates to combat inflation. Global equities are on track for their seventh consecutive week of falls, in part because of these concerns.

Richemont shares are trading 12% lower, to a 1-year low as it reported after it warns on Chinese demand, a market that has boosted demand for luxury goods. About 40% of Richemont's stores in China are currently closed, as Covid infections have led to lockdown measures. The Cartier-owner also said the suspension of its business in Russia knocked EUR168 million off of profit. Nonetheless, the company ended the quarter with EUR5.3 billion in cash and announced a special dividend. 

Stocks in Europe and US equity futures are advancing after China’s latest measure to bolster its economy. US futures just broke above a major resistance level, signaling improving sentiment.

The Swiss franc is on course for its biggest two-day rally against the euro since 2015, fueled by speculation Switzerland’s central bank could raise rates to cool inflation.