U.S. stock futures soared, the dollar hit a one-month high and Treasury yields rose early Monday in Europe after the U.S. and China agreed to suspend most tariffs.

12 May: The US and China announce a 90-day pause on "reciprocal" tariffs starting 14 May after holding trade talks in Switzerland. It will bring US tariffs on Chinese imports down from 145% to 30%, and Chinese tariffs on US goods will fall from 125% to 10%

FTSE 100 futures are up 0.4%, lagging behind bigger moves higher for Europe and the US on optimism about trade progress between the US and China. The pound is down 0.2%, back below $1.33, though that’s down to a degree of dollar strength.