(fxcue news) - European stocks may open higher on Monday after a series of wild swings last week. Tariff worries eased somewhat as U.S. President Donald Trump exempted smartphones and computers as well as other devices and components like semiconductors from his new "reciprocal" tariffs, according to new U.S. Customs and Border Protection guidance issued late Friday. However, Commerce Secretary Howard Lutnick said Sunday that the exemptions aren't permanent and that those items would be subject to "semiconductor tariffs" that will likely come in "a month or two," stirring up more tariff uncertainty. Also, Trump said in a Truth Social post that these products are still "subject to the existing 20 percent Fentanyl Tariffs, and they are just moving to a different Tariff bucket. Asian markets advanced, with Hong Kong and Japan leading regional gains. China's exports rose 12.4 percent year-on-year in March 2025, driven by a rush from exporters to beat looming trade barriers, according to official customs data released today. Imports, however, declined 4.3 percent, revealing pressure from weakening domestic demand and global uncertainty. The dollar held near three-year lows amid heightened fears of a U.S. recession and the Chinese yuan was fragile on growing economic jitters while the Japanese yen touched its highest level in six months on safe-haven demand. Gold was little changed after hitting a record high above $3245 per ounce as Goldman Sachs hiked its outlook for gold prices to $3,700 an ounce. Oil steadied near a four-year low after a Russian missile strike on Sunday on the Ukrainian city of Sumy killed at least 34 people. On the economic front, U.S. reports on retail sales, industrial production, import and export prices and housing starts will be in the spotlight this week. Several Fed officials are set to speak this week, including Fed Chair Jerome Powell on Wednesday. In earnings news, financial results from Goldman Sachs, Bank of America, Citigroup, Johnson & Johnson, Travelers, American Express, UnitedHealth and Netflix may garner investor attention this week. U.S. stocks rose sharply on Friday after White House press secretary Karoline Leavitt said President Donald Trump is "optimistic" about reaching a trade deal with China. However, two senior White House officials told CNN that the U.S. will not reach out to China first and that Chinese President Xi Jinping must request a call with Trump. Meanwhile, Boston Federal Reserve President Susan assured markets that the Fed is prepared to keep financial markets functioning should the need arise. On the earnings front, JPMorgan Chase, Morgan Stanley and Wells Fargo all reported better-than-expected profits but warned of a potential economic slowdown due to trade disputes. In economic news, data showed U.S. consumer sentiment plummeted in April, accompanied by a surge in 12-month inflation expectations to levels unseen since 1981. The tech-heavy Nasdaq Composite rallied 2.1 percent, the S&P 500 surged 1.8 percent and the Dow added 1.6 percent. European stocks fell broadly on Friday after logging their biggest one-day gains since 2022 the previous day as Trump delayed new tariffs by 90 days and the EU suspended planned countermeasures. The pan-European STOXX 600 Index finished marginally lower. The German DAX shed 0.9 percent and France's CAC 40 slipped 0.3 percent while the U.K.'s FTSE 100 rose 0.6 percent after strong GDP data.