European markets and U.S. futures jumped early Tuesday following a weekend trade truce between the E.U. and U.S. after Trump’s threat late last week to tack on 50% imports from the trading bloc.

The European Union and the US signaled a willingness to end a stalemate and work toward a trade deal over the next six weeks, in the first major thaw in their frigid economic relations since President Donald Trump’s second term began in January.

China's industrial profits picked up pace in April, official data showed on Tuesday, giving policymakers cause for optimism that recent stimulus efforts are helping to keep the economy afloat despite trade tensions with the United States.