Oil, stocks, currencies and China data in focus

Commerce Secretary Wilbur Ross on Monday said he hoped good relations between Trump and Xi would help to bring an agreement on trade matters, although he also acknowledged that the gap between the countries “remains wide.”

That followed a tweet from President Donald Trump on Sunday about working to find a way for Chinese telecommunications equipment company ZTE “to get back into business, fast.” That pledge comes after the U.S. government imposed a ban on U.S. companies on supplying ZTE with technology after the Chinese firm was found to have illegally shipped equipment to Iran.

Amid optimism that negotiations between the two countries, some analysts highlighted broader uncertainty regarding trade-related news flow.

“[I]t’s all still very much a work in progress,” David de Garis, director of economics at National Australia Bank, said in a note.

Declines in the region also followed the move higher seen in the last session, with Hong Kong’s Hang Seng Index leading the advance. The benchmark closed up 1.35 percent on Monday.

Meanwhile, oil prices were steady after gains seen in the last session as OPEC raised its global oil demand estimate for the year. U.S. West Texas Intermediate crude futures slipped 0.07 percent to $70.91 per barrel and Brent crude futures edged lower by 0.04 percent to trade at $78.20.

Oil prices have risen generally amid production curbs, which began in 2017, led by the Organization of Petroleum Exporting Countries (OPEC).

“You have 24 countries: There’s OPEC, non-OPEC, Vienna Alliance, and there’s a real effort to cement that relationship. So even if the full cuts don’t continue into 2019, there’s a sense that this dialogue and partnership with Russia has been very productive, they don’t want to let that go,” Helima Croft, global head of commodity strategy at RBC Capital Markets, told CNBC’s “Capital Connection.”

In individual movers, AAC Technologies fell 5.96 percent after the company on Monday announced first-quarter net profit that missed expectations.