China's central bank cut key interest rates in a surprise move Monday aimed at injecting new life into its ailing property sector, while the ruling Communist Party released details of a top-level meeting focused on strategies for revving up the slowing economy.

The People's Bank of China cut the five-year loan prime rate, which is a benchmark for mortgages, by 10 basis points to 3.85% from 3.95%. The one-year loan prime rate, or LPR, was reduced to 3.35% from 3.45%.

European markets opened with gains Monday after President Joe Biden exited the 2024 race, while Asian shares mostly fell.

Biden announced his withdrawal from the 2024 presidential race on Sunday and endorsed Vice President Kamala Harris to take on former President Donald Trump, adding to uncertainties over the future of the world's largest economy.