US stock futures jump and oil ticks higher as fears about the global economy cool

• US stock futures jumped Monday as global economy fears ebbed, with S&P 500 contracts up more than 1%.
• Chinese authorities loosened coronavirus restrictions in Beijing, boosting growth prospects in the country.

US futures and global stocks rallied on Monday as investors' fears about the global economy ebbed, following moves by China to loosen coronavirus restrictions and Friday's strong US jobs report.

$4 were 0.98% higher, $4 were up 0.77%, and $4 had risen 1.28% as of 6:10 a.m. ET.

In Asia overnight, China's $4 stock index gained 1.87%, while Hong Kong's $4 surged 2.56%, with tech stocks faring particularly well. Europe's $4 index was up 0.9% in morning trading.

The UK's $4 index was 1.38% higher despite news that Prime Minister Boris Johnson will $4 later in the day, after months of scandals centered on lockdown-busting parties.

Investors' worries about the global economy have dogged markets in recent weeks, with speculation growing stronger that central banks will trigger recessions by hiking interest rates to deal with strong inflation.

Yet China further loosened lockdown restrictions Monday, a move that calmed fears that the government's strict zero-COVID policy would continue to weigh on growth in the manufacturing powerhouse.

"China has announced a further easing of curbs in Beijing over the weekend, which is seeing some Asian equity markets, and US futures, trading in positive territory," Jeffrey Halley, an analyst at currency firm Oanda, said in a note.

A $4 on Friday allayed fears about a recession in the world's biggest economy. However, equities fell on the day, as traders predicted the data could mean the Federal Reserve has to hike interest rates further.

Economists at Goldman Sachs said Monday they expect the Fed to cool inflation without tipping the US economy into a recession, although they said growth would likely slow sharply.

Oil prices edged higher Monday after $4 for crude sales to Asia by more than expected. Traders took the move as a sign that supply remains low relative to demand.

$4 was up 0.86% to $120.75 a barrel, having risen around 50% since the start of the year, with Russia's invasion of Ukraine pushing prices higher. $4 was 0.83% higher at $119.88 a barrel.

European oil companies could $4 as soon as July, Reuters reported Sunday, citing people familiar with the matter. The move would resume oil-for-debt swaps halted in the US's 2019 sanctions.

Elsewhere, US bond yields edged higher as traders assessed the strength of the economy. Yields, which move inversely to prices, had fallen in recent weeks as economic concerns had grown and investors had snapped up the safe-haven assets.

The yield on the key $4 was up 2.7 basis points to 2.966%.

Meanwhile, the $4 was down 0.20% to 101.94.