Global stock markets rose on Monday after President Donald Trump announced that the world’s two biggest economies are making progress on trade discussions.

President Trump previously pledged to hike tariffs from 10% to 25% on $200 billion worth of Chinese imports if an agreement wasn’t reached by Mar. 1. On Sunday, he tweeted that “productive” talks had led him to shelve those plans, adding that good progress had been made on a number of important issues, including intellectual property theft, technology transfers, agriculture, services and currency.

“I will be delaying the U.S. increase in tariffs now scheduled for March 1,” he said. “Assuming both sides make additional progress, we will be planning a Summit for President Xi and myself, at Mar-a-Lago, to conclude an agreement. A very good weekend for U.S. & China!”

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Investors cheered the news that a trade war, a trigger of slower global economic growth, might now be averted. At 6 a.m. EST, the MSCI All-Country World Equity Index, which tracks shares in 47 countries, was up 0.49%.

China's stock market had its best day in three years as the Shanghai Composite index entered bull market territory and surged 5.6%. Chinese shares were also helped by President Xi's statements about reforming the financial sector. Stock markets in Japan and Australia were also in the green with gains below 1%.

Strong appetite for equities in the east then spilled over into Europe. By mid-morning, the MSCI Europe was up 0.14% and Germany's trade-sensitive DAX index was 0.43% higher.

U.S. stocks are also expected to start the day in good form. Dow Jones Industrial Average futures were up 0.5%, S&P 500 futures gained 0.4% and Nasdaq-100 futures rose 0.5%.

Other asset classes were impacted by news of a potential trade resolution, too. In currencies, the yuan rose against the U.S. dollar, as did the Australian dollar, which is heavily linked to China commodity investments.

Spot gold rose slightly, and constructive trade talks also helped lift oil prices. International Brent Crude oil futures climbed 0.24% to $67.28 a barrel. An improving global economic outlook is good news for the sector, which has been buoyed in recent weeks by sanctions and political uncertainty tightening supply in key producing nations. Oil prices reversed after President Trump tweeted at 6:58 a.m. that they are getting too high and told OPEC to "please relax and take it easy."

Among the biggest exchange-traded fund risers on Monday were iShares China Large-Cap (FXI), VelocityShares 3x Long Crude linked to S&P GSCI Crude Oil Excess Return (UWT) and iShares MSCI Brazilian capped (EWZ).