European stocks closed lower on June 11, while the UK’s FTSE 100 bucked the trend by notching a record high. This comes amid unfolding details of a trade agreement between the U.S. and China. The pan-European Stoxx 600 index finished the day 0.

President Donald Trump announced Wednesday that China will make it easier for American industry to obtain much-needed needed magnets and rare earth minerals, clearing the way for talks to continue between the world’s two biggest economies.

The U.S. and China are extending trade talks in London aiming for a breakthrough in export control disputes. U.S. Treasury Secretary Scott Bessent and other key officials are working to resolve tensions over tariffs and rare earths,

China returns to trade talks with the U.S. holding, from its view, a strong hand: Its economy is bearing up better than expected. And it has an ace card: rare earths.

Officials from the world’s largest economies will try to strike a deal Tuesday to relax painful export restrictions that they have imposed on each other.