Global stocks march higher as coronavirus lockdowns ease and economic activity picks up

• Global stocks rose Tuesday as investor sentiment was propped up by a relaxation in coronavirus lockdowns across the world and positive news regarding vaccine development.
• US futures pointed to gains of more than 2% as traders returned to work after the long Memorial Day weekend, while major indexes in Europe and Asia also bounced on the day.
• US-China tensions also continued to escalate, however, after the White House national security adviser suggested the world's second-largest economy was engaging in "espionage" to develop vaccine technology.
• Novavax said it was launching its first human clinical trials of a coronavirus vaccine.

Global stocks marched higher Tuesday with coronavirus lockdowns continuing to be eased around the world and major economies showing tentative signs of recovery and investors shrugging off mounting tensions between the US and China.

Futures for the S&P 500 increased as much as 2.2% during the European morning, while in Asian trade Hong Kong's Hang Seng rose 1.8%, and the pan-European Stoxx 50 rose 0.8%.

On Monday, Japan lifted its two-month state of emergency after a marked fall in new coronavirus cases in Tokyo and some hard-hit provinces, one of the most significant examples yet of lockdowns easing. The move ended some curbs on economic activity and triggered a bullish response from investors.

Japan's benchmark index, the Nikkei 225, rose 2.5%.

Elsewhere, the UK on Monday signaled plans to allow nonessential stores to reopen within weeks, and many US states continued reopening as the senior White House economic adviser Kevin Hassett on Sunday said the country's "human capital stock" was ready to get back to work.

Sentiment was also boosted by more progress on a vaccine for the coronavirus. The biotech firm Novavax announced the start of human trials for its coronavirus vaccine, with preliminary results expected in July.

At the same time, US-China tensions continued during the Memorial Day weekend as the White House national security adviser, Robert O'Brien, publicly suggested China was using "espionage" to steal vaccine technology.

In response to this, a Chinese Foreign Ministry representative tweeted: "Interesting to hear some US official talking about the story of vaccine. Is this the normal logic that if anyone has something better than mine, then it must be stolen from me? Remember, China has 5000 years of history while the US has less than 250."

Investors, however, seemed more willing to focus on the good news rather than US-China tensions.

Here's the market roundup as of 10 a.m. in London (5 a.m. ET):

• Asian indexes rose, with China's Shanghai Composite up 1%, Hong Kong's Hang Seng up 1.8%, and Japan's Nikkei up 2.5%.
• European equities rose, with Germany's DAX up 0.7%, Britain's FTSE 100 up 1.5%, and the Euro Stoxx 50 up 0.8%.
• US stocks are set to open higher. Futures underlying the Dow Jones Industrial Average, the S&P 500, and the Nasdaq rose by 1.9% to 2.2%.
• Oil prices rose, with West Texas Intermediate up 2.2% at $33.97, and Brent crude up 1.2% at $35.94.
• The benchmark 10-year Treasury yield rose to 0.69%.
• Gold fell 0.6% to $1,725.