? Stocks gain amid U.S.-China trade truce.

? FTSE 100 crossed its January intraday trading peak.

? Italian bonds and stocks fall as populist parties are due to meet with the president.

? Gold declines 0.60%.

Global equity markets gained, with the FTSE 100 crossing its January intraday trading peak and futures pointing to a higher opening for Wall Street amid easing trade war concerns between the U.S. and China. Italian bonds sold off, and stocks fell ahead of a meeting with the country's president regarding a populist coalition government. The U.S. dollar strengthened, and benchmark Treasury yields rose.

The FTSE 100 gained 0.74% as of 7:11 a.m. ET, and France's CAC 40 was up 0.70%. Ryanair Holdings PLC's shares surged nearly 4.00% as its profit increased 10% on an annual basis in the fiscal year ended in March. The Euro Stoxx 50 was down 0.33%, having pared early morning gains.

Stocks in China rose 0.64%, and Hong Kong's Hang Seng index closed 0.60% higher, after the U.S. agreed to put tariffs on China on hold while the countries work out a deal. China also agreed to increase its imports from the U.S. to "substantially reduce" the trade deficit with the U.S. While calling it a trade agreement would be "a stretch," given the lack of specific targets and ways to monitor progress, the move may help ease global trade tensions, according to ING Research. Japan's Nikkei 225 was up 0.31%.

Markets in Germany and some other European countries were closed for a holiday.

The dollar strengthened against the euro and yen by 0.20% and 0.50%, respectively, around 7:08 a.m. ET. The sterling was down 0.52% against the dollar amid reports that the Conservative Party was preparing for a snap general election amid splits over Brexit. Investors will focus on U.K. economic data this week to assess whether the Bank of England is likely to tighten its policy as early as August.

Ten-year Treasury yields in the U.S. rose over 1 basis point to 3.074% and may see further upside this week as the U.S. Federal Reserve releases the minutes of its May monetary policy meeting, CMC Markets UK's Michael Hewson said. The minutes are expected to provide more insight into how fast Fed officials may hike rates in response to higher inflation.

Yields on 10-year Italian government bonds climbed 7 basis points to 2.291% as the Five Star Movement and the League party prepare to meet with President Sergio Mattarella to discuss their coalition deal and present their nominations for a premier and the new cabinet. The latest area of concern is the idea of using small euro-denominated, non-interest-bearing Treasury bills dubbed "mini-BoTs" to partly finance looser fiscal policy.

"We would expect to see some pushback from the President against the current debt-financed spending and anti-immigration policy agenda — which in principle could help to ease any lingering Eurozone break-up concerns," ING Research said.

The FTSE MIB was down 0.61% in Milan. The yield on safe-haven German Bunds dropped by over 2 basis points to 0.555%.

The Turkish lira shed 1.78%, and the South African rand slipped 0.57% against the dollar. The Argentine peso lost 0.44% against the dollar. "Spillovers of higher U.S. interest rates are beginning to constrain emerging markets' growth prospects, offsetting the tailwinds from strong global manufacturing activity and high prices of oil and other commodity exports," PNC Economics Division wrote.

Brent crude oil edged up 0.08% to $78.57 per barrel on the ICE Futures Exchange as Nicolas Maduro won Venezuela's elections amid an ongoing economic crisis in the country. Gold prices lost 0.60% to $1,283.60 per ounce.

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The day ahead:

8:30 a.m. ET — Chicago Fed national activity index (Econoday consensus: 0.25)

12:15 p.m. ET — U.S. Federal Reserve's Raphael Bostic speaks

2:15 p.m. ET — U.S. Federal Reserve's Patrick Harker speaks

5:30 p.m. ET — U.S. Federal Reserve's Neel Kashkari speaks