Trade relief; China bull market; Huawei on tour

Trump said Sunday on Twitter that trade negotiators had made "substantial progress." China's state news agency Xinhua said that the Chinese delegation had reported "substantial progress on specific issues."

"Was the postponement a big surprise? Not really, but it's news the market wants to hear," said Societe Generale currency strategist Kit Juckes.

Trump said he will meet Chinese President Xi Jinping "to conclude an agreement" if the talks continue to advance.

Stock indexes in Tokyo and Hong Kong advanced 0.5%, while European markets opened with gains of a similar size. US stock futures were higher.

The standout performance was in mainland China, where the benchmark Shanghai Composite jumped 5.6% and entered a bull market. It was the biggest daily percentage gain since July 2015, according to Reuters.

Trump's remarks and comments from Xi on the country's financial sector were cheered by Chinese investors. Xi said over the weekend that China should strengthen its financial sector's ability to serve the real economy.

That includes "the need to establish a standard, transparent, open, dynamic and resilient capital market," according to a report by Xinhua.

2. The biggest show in mobile tech: Mobile World Congress is underway in Barcelona, and one company looms large over the event — China's Huawei.

It grabbed the spotlight Sunday by unveiling a foldable 5G device with an eye-catching price tag. The cheapest version of the Mate X, which is set to compete with Samsung's recently announced Galaxy Fold, goes for $2,600.

The devices are clearly innovative but it may be a while before consumers can take full advantage of their features.

"No matter how innovative and technology advanced the new device is, it will take a lot more time for a critical mass of consumers to experience the benefits of foldable phones and 5G technology," Thomas Husson, an analyst at Forrester, told CNN Business.

Huawei's standoff with the United States is also likely to feature in many of the conversations this week about the future of wireless technology. Huawei is a crucial part of China's efforts to advance super-fast 5G networks but it has been labeled a national security threat by the United States, which is lobbying other countries not to use its equipment.

"This is not something that should be decided by politics," Huawei chairman Guo Ping said Sunday in Barcelona. The company has repeatedly denied that its products pose a security threat.

Guo said he was hoping "independent sovereign states" will make "independent decisions based on their own understanding of the situation and will not just listen to someone else's order."

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3. Earnings and economics: It's a relatively quiet day for earnings. Etsy (ETSY) and Shake Shack (SHAK) will release their latests reports after the closing bell.

4. Coming this week:
Tuesday — Home Depot (HD), Macy's (M), Papa John's (PZZA) and JM Smucker (SJM) earnings, Powell appears before the Senate Banking Committee
Wednesday — Lowe's (LOW), Best Buy (BBY) and Campbell Soup (CPB) earnings, Powell appears before House Financial Services Committee
Thursday — GDP report, JCPenney (JCP), PG&E (PCG), Gap (GPS), Nordstrom (JWN) and Anheuser-Busch (BUD) earnings
Friday — Marriott (MAR) earnings

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