<ul><li>China cites 'constructive' trade talks with US</li><li>S&amp;P 500 futures rise 1.2%, Nikkei edges up</li><li>Dollar modestly firmer vs safe haven currencies</li><li>Gold eases back, oil prices bounce</li><li>Adds Japan, South Korea markets, European stock futures</li></ul>By Wayne ColeSYDNEY, May 12 (Reuters) - Wall Street stock futures climbed and the dollar firmed against safe haven peers on Monday as signs of progress in U.S.-China trade talks boosted hopes a global recession might be avoided, though details of any deal were still to come.Geopolitical tensions also looked to be easing as a fragile ceasefire held between India and Pakistan, while Ukrainian President Volodymyr Zelenskiy said he was ready to meet Vladimir Putin in Turkey on Thursday for talks.Over in Geneva, U.S. Treasury Secretary Scott Bessent touted &#34;substantial progress&#34; in trade discussions, while Chinese officials said the sides had reached &#34;important consensus&#34; and agreed to launch another new economic dialogue forum.A joint statement is expected later on Monday, though it was notable that neither side mentioned tariff rates specifically.&#34;What we seem to have here, then, is a broad framework under which the two nations can conduct further talks, with the aim of reaching a broader trade agreement,&#34; said Michael Brown, a senior research strategist at Pepperstone.&#34;Not the worst case outcome that was possible from this weekend's talks, far from it, but not a concrete deal either,&#34; he added. &#34;Does this progress allow for any tariffs to be paused, reduced, or rolled back, and if so for how long?&#34;Investors are hoping the White House will soon scale back the 145% tariff on Chinese goods, even if only back to the 60% first flagged by President Donald Trump.Trump still seems wedded to keeping broad tariffs in place no matter what, which will drag on economic growth and push up prices, but any trade progress could help dodge a sharp downturn.Markets reacted by pushing S&amp;P 500 futures ESc1 up 1.2%, while Nasdaq futures NQc1 rose 1.4%. EUROSTOXX 50 futures STXEc1 firmed 0.9%, while FTSE futures FFIc1 added 0.4% and DAX futures FDXc1 0.7%.Japan's Nikkei .N225 edged up 0.3%, while South Korea .KS11 gained 0.4%.The dollar added 0.4% on the safe haven yen to reach 145.90 JPY=EBS, though it was off an early five-week peak of 146.31. The euro dipped 0.2% to $1.1224 EUR=EBS and the dollar index edged up 0.2% to 100.60 =USD.The dollar also dipped 0.2% on the offshore Chinese yuan to 7.2278 CNH=D3, and back toward last week's low of 7.1846.A FRUGAL FEDTrump's erratic trade policies have put the dollar under pressure in recent weeks, though it gained some support last week when the Federal Reserve signalled it was in no rush to cut interest rates again.Data on U.S. consumer prices for April due this week could offer an early hint of the impact of import levies on inflation, while retail sales are seen flatlining in April after a pre-tariff surge the month before.Earnings from retail giant Walmart WMT.N on Thursday should provide colour on demand and how soon shelves might start to empty of Chinese goods.&#34;We expect it will not be until the May CPI data are out before we see broad evidence of tariffs showing up in inflation data,&#34; analysts at ANZ wrote in a note.&#34;In this regard, we think June is too early for the Fed to cut rates and maintain our view that Q3, and most probably September, is a more realistic time frame,&#34; they added. &#34;That would give the opportunity to observe the impact of higher tariffs on both the price level and inflation persistence.&#34;Markets further trimmed the outlook for easing on Monday, with Fed fund futures 0#FF: down between 3 and 7 ticks. The chance of a rate cut in June is now only 17%, down from more than 60% a month ago, while a July move is seen as a 59% chance. 0#USDIRPRA host of Fed officials speak this week, led by Chair Jerome Powell on Thursday.The general increase in risk appetite hurt gold, which has been on a tear in recent weeks as investors sought the safety in the physical metal. Gold was off 1.7% at $3,268 an ounce XAU=, short of the April all-time peak of $3,500.GOL/Oil prices went the other way on hopes progress in trade talks would lessen the risk of a major economic downturn, though plans for increased supply by OPEC+ remain a headwind. O/RBrent LCOc1 rose 23 cents to $64.14 a barrel, while U.S. crude CLc1 added 25 cents to $61.27 per barrel. Asia stock markets https://tmsnrt.rs/2zpUAr4Asia-Pacific valuations https://tmsnrt.rs/2Dr2BQA

Global markets saw a rise in stocks and the dollar due to positive signals from U.S.-China trade talks, with Wall Street futures climbing and the dollar firming against safe havens. Asian markets also showed gains, while geopolitical tensions eased. Investors are hopeful for a reduction in tariffs, although no concrete deal has been reached yet. The Federal Reserve's stance on interest rates remains cautious, with upcoming consumer price data expected to provide insights into inflation impacts from tariffs. Oil prices increased on trade optimism, while gold prices fell as risk appetite grew.

- Wall Street stock futures rose as positive signals emerged from U.S.-China trade talks, with hopes of avoiding a global recession.  
- U.S. Treasury Secretary Scott Bessent noted "substantial progress," while both nations agreed to initiate a new economic dialogue forum, although specific tariff rates were not mentioned.  
- The dollar strengthened against safe haven currencies, and markets reacted positively, with S&P 500 futures increasing by 1.2%, while gold prices fell amid a growing risk appetite.

GLOBAL MARKETS-Stocks, dollar up on US-China trade hope, details awaited