"The biggest piece in the trade deal puzzle still remains, and the Chinese are unlikely to be as willing to fold."

Global stocks rose and the euro firmed on Monday after a trade agreement between the United States and the EU lifted sentiment and provided clarity in a pivotal week headlined by the Federal Reserve and the Bank of Japan policy meetings.

Japan will invest $550 billion in the U.S. and allow the U.S. to tax Japanese goods sold in America at 15 percent.

The 15% tariff would be lower than previously threatened, but it would remain a high duty on America’s largest trading partner.

Japan’s surprise trade deal with the US sent its markets on a wild ride, pushing stocks to all-time highs and fueling a selloff in government bonds.