Investing.com- Asian stocks were mostly higher in afternoon trade on Monday following positive weekend news regarding U.S.-North Korea relations, as U.S. President Donald Trump appeared to confirm his summit with North Korean leader Kim Jong-un is now back on track.
Oil prices were also in focus on Monday amid news that top producers could ease quotas on existing production cuts.
Crude oil futures for July delivery were trading at $66.17 a barrel. Brent oil futures for August delivery, traded in London, were down 2.11% at $74.86 per barrel.
Shanghai Crude Oil WTI Futures for September delivery were down 4.87% at 457.20 yuan ($71.89) per barrel.
“Our United States team has arrived in North Korea to make arrangements for the Summit between Kim Jong Un and myself,” Trump said in a tweet on Sunday afternoon.
“I truly believe North Korea has brilliant potential and will be a great economic and financial Nation one day,” Trump added. “Kim Jong Un agrees with me on this. It will happen!”
The tweet came just three days after he abruptly called off the historic meeting last week.
South Korea’s KOSPI rose 0.7% at 1:20PM ET (05:20 GMT).
China’s Shanghai Composite and the Shenzhen Component opened lower but reversed earlier losses and climbed 0.1% and 0.8% respectively. Official data showed on Sunday that profits earned by Chinese industrial firms in April rose 21.9% year-on-year to $90.14 billion.
Elsewhere, Japanese Prime Minister Shinzo Abe said on Monday that Japanese automakers have created jobs and made huge contributions to the U.S. economy.
His comments came after the Trump administration decided last week to begin a national security investigation into auto imports that could lead to new U.S. tariffs on foreign automakers.
"As a country that prioritizes a rule-based, multilateral trade system, Japan believes that any steps taken on trade must be in line with World Trade Organization rules," he said.
Meanwhile, Hong Kong’s Hang Seng Index traded 0.6% higher. Telecommunications-equipment maker ZTE Corp (HK:0763) made headlines as U.S. President Donald Trump said in a tweet on Friday that the U.S. would allow the company to remain in business after paying a $1.3 billion fine.
ZTE is required to hire American compliance officers to monitor its operations, reports suggested.
Samsonite International (HK:1910) also received focus as trading in its shares was suspended on Monday, days after short seller Blue Orca Capital accused it of questionable accounting practices and poor governance, including those used in its 2016 acquisition of the Tumi brand.
Down under, Australia's S&P/ASX 200 underperformed its regional peers and was down 0.5% in afternoon trade. Markets in the U.S. and U.K. will be closed on Monday for holidays.