(fxcue news) - Asian stocks rose on Monday after trade talks between the U.S. and China showed progress in de-escalating tensions. Ahead of a joint statement to be released later in the day, financial markets and businesses are waiting to learn what marathon talks over the weekend achieved. The U.S. dollar index was under pressure, slipping to around $100.61 for the second straight day amid economic concerns and uncertainty over the Federal Reserve's rate path. Oil prices surged while gold remained under bearish pressure and traded at a fresh weekly low below $3,250 per ounce on easing demand for havens after China and the U.S. touted "substantial progress" on their trade talks. China's Shanghai Composite index jumped 0.82 percent to 3,369.24 following the trade talks with the U.S. in Geneva over the weekend. Chinese Vice Premier He Lifeng said both sides had agreed to "establishing a consultation mechanism" for further discussions on trade and economic issues. Hong Kong's Hang Seng index soared 2.98 percent to 23,549.46, rising for an eighth day and marking the best run in a year. Japanese markets eked out modest gains on signs of improving U.S.-China relations. The Nikkei average rose 0.38 percent to 37,644.26 while the broader Topix index settled 0.31 percent higher at 2,742.08. Panasonic Holdings fell nearly 2 percent after announcing it will cut 10,000 staff and expects to book restructuring costs of 130 billion yen ($896.06 million) this business year. Nippon Steel tumbled 3.8 percent after the company said it expects net profit to slide 43 percent in the fiscal year ending March 2026. Seoul stocks rallied, with the Kospi average rising 1.17 percent to 2,607.33 led by auto and technology stocks. SK Hynix, Hyundai Motor, Kia Corp and Samsung Electronics soared 3-5 percent. Australian markets ended marginally higher, giving up early gains. While energy and mining stocks topped the gainers list, healthcare stocks succumbed to selling pressure after U.S. President Donald Trump said he would cut drug prices by 30-80 percent to match other wealthy nations. Bank ended on a mixed note. Grocery giant Woolworths dropped 1.5 percent after announcing it will drop the price of nearly 400 items. Across the Tasman, New Zealand's benchmark S&P/NZX-50 index gained 0.57 percent to close at 12,676.75. U.S. stocks fluctuated before closing narrowly mixed on Friday, posting modest losses for the week after the announcement of a limited trade agreement with the U.K. and ahead of crucial Sino-U.S. trade talks.