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TOKYO (Reuters) - U.S. stock futures jumped on Monday as U.S. Treasury Secretary Steven Mnuchin said the U.S. trade war with China is “on hold” after the world’s two largest economic powers agreed to drop their tariff threats while they work on a wider trade agreement.

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FILE PHOTO: A visitor is seen as market prices are reflected in a glass window at the Tokyo Stock Exchange (TSE) in Tokyo, Japan, February 6, 2018. REUTERS/Toru Hanai/File Photo

S&P mini futures ESc1 rose 0.6 percent in early Asian trade on Monday.

Investors trading Asian stocks were cautious. Japan's Nikkei .N225 ticked up 0.1 percent while MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was off 0.1 percent in early trade.

Mnuchin and U.S. President Donald Trump’s top economic adviser, Larry Kudlow, said the agreement reached by Chinese and American negotiators on Saturday set up a framework for addressing trade imbalances in the future.

“The weekend talk appears to have made progress. While they still need to work out details of a wider trade deal, it is positive for markets that they struck a truce,” said Koji Kabeya, chief global strategist at Daiwa Securities.

U.S. bond yields rose as safe-haven demand for debt fell, with the 10-year Treasuries yield rising 1.5 basis points to 3.082 percent US10YT=RR, near a seven-year high of 3.128 percent hit on Friday.

“Recent data suggests the U.S. economy is very strong, hardly slowing down in Jan-Mar. The world economy slowed in that quarter but it appears to be rebounding. And recent rises in oil prices are likely to lift inflation expectations further,” said Tomoaki Shishido, senior fixed income analyst at Nomura Securities.

“We expect more selling until the next Fed’s meeting in June,” he said.

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