NEW DELHI (dpa-AFX) - Asian stocks rose slightly in cautious trade on Monday amid mixed messages on the Sino-U.S. trade progress.
Gold prices touched their lowest in a week on a firmer dollar while oil held near two-month highs on expectations of an extension to OPEC+ production cuts
China's Shanghai Composite index was up 0.6 percent after China offered to raise penalties on intellectual property violations in an attempt to hammer out a mini trade deal with the United States.
Chinese President Xi Jinping said China wants to work toward a phase one agreement on the basis of mutual respect and equality but will fight back if necessary.
Hong Kong's Hang Seng index was up as much as 1.7 percent after partial returns showed pro-democracy candidates won nearly half of the seats in Hong Kong's local elections, deepening the challenge for Chief Executive Carrie Lam's government.
Japan's Nikkei index rose nearly 1 percent, with exporters in the industrial equipment sector and technology stocks pacing the gainers on optimism that Washington and Beijing would agree on a deal.
U.S. President Trump's national security adviser Robert O'Brien said on Saturday that an initial trade agreement with China is still possible by the end of the year, but warned Washington would not turn a blind eye to what happens in Hong Kong.
The next round of U.S. tariffs on Chinese goods is set to take effect on December 15th, potentially complicating efforts to reach an agreement.
Australia's benchmark S&P/ASX 200 edged up 0.3 percent, South Korea's Kospi average was up more than 1 percent and New Zealand's NZX-50 index was up marginally.
U.S. stocks edged higher on Friday after President Trump said in an interview that a trade agreement with China is 'very close' but Beijing wants a deal more than he did.
The Dow Jones Industrial Average rose 0.4 percent, while the tech-heavy Nasdaq Composite and the S&P 500 inched up around 0.2 percent.
European markets gained ground on Friday as investors reacted positively to comments from U.S. President Donald Trump and Chinese Premier Xi Jinping about a trade deal between the two countries.
The pan European Stoxx 600 gained 0.4 percent. The German DAX and France's CAC 40 index both inched up around 0.2 percent while the U.K.'s FTSE 100 surged 1.2 percent.
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