European stocks are kicking off the week on a positive note, amid news of progress on US-Iran peace talks.

Here’s how they are looking at the start of trading:

• FTSE 100 is up 0.11%

• France’s CAC 40 is up 0.15%

• Spain’s IBEX is up 0.08%

• Germany’s Dax is up 0.22%

• Pan-European Stoxx 600 is up 0.11%

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Investors are pegging hopes onto reports of progress in the US-Iran peace talks, helping ease market jitters that have weighed on stock and sent energy prices soaring.

A first round of talks between US and Iranian officials in Switzerland this weekend reportedly ended on a positive note, with a spokesperson from the Iranian foreign ministry saying good progress had been made, according to Iran’s Press TV.

Officials from Qatar and Pakistan, who have been acting as mediators, also said that the US and Iran had agreed to a roadmap that would seal a final deal within 60 days.

That may feel like a long way off, but it has been enough to calm oil markets, sending Brent crude prices down more than 2% and under $80 per barrel, at $78.90. That marks significant drop from its may peak of $126.41.

The news has allso given a lift to stock prices in Asia. The Japan’s Nikkei rose 1.8% this morning, while South Korea’s Kospi climbed 0.6% and the MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.8%. Chinese blue chips stocks rose 1.6%.

Ipek Ozkardeskaya, a senior analyst at Swissquote, says it’s a bit of relief after a weekend of uncertainty:

The week starts on a surprisingly positive note despite the uncertainty surrounding the US/Iran peace talks, which took several twists over the weekend.

On Friday, the talks were postponed (likely due to Israel’s renewed attack on Lebanon).

On Saturday, Iran announced that it would close the Strait of Hormuz again.

Yet senior US and Iranian officials still met at Switzerland’s Bürgenstock resort on Sunday, to kick off the 60-day negotiation period.

They said the talks went well. Meanwhile, US President Trump continued to post threats on social media. And here we are, Monday morning.

The agenda

• 2pm BST: ECB president Christine Lagarde to appear and give statement to European parliament’s Committee on Economic and Monetary Affairs in Brussels