Portugal Colonial - Asian markets mixed as investors eye trade talks

Investors were also keeping tabs on China after President Xi Jinping and other top leaders last week discussed plans to boost consumption in the world's number two economy.

After a much-needed positive run-up last week markets started Monday on a tepid note, with eyes on the upcoming earnings season, key data and central bank decisions.

"We head into month-end and a risk event-heavy trading week, with a 'cautiously optimistic' stance adopted by the collective," said Chris Weston at Pepperstone.

"Whether the move in risk can kick (on) will be determined by the incoming economic data and US company earnings, but the bar to beat expectations remains low and the wall of worry is there for climbing."

He added that while caution remained, there was optimism that the White House was sensitive to extreme market reactions, such as the bond market's plunge in reaction to Trump's April 2 "Liberation Day" tariffs.

Investors "feel a renewed sense of control -- where the collective has seen the response from the US administration to moves in the US 10-year Treasury, equity and implied cross-asset volatility -- to know that Trump et al do have a threshold and a trigger point".

After a strong end to last week on Wall Street, Asia fluctuated. Tokyo, Sydney, Seoul, Taipei, Manila, Jakarta and Wellington rose but Hong Kong, Shanghai and Singapore edged down.

The more positive mood weighed on gold, which hit a record high around $3,500 last week as investors flocked to safe havens.

Traders are hoping governments can hammer out deals with Trump to soften the impact of his sweeping tariffs, with reports last week saying China was considering exempting some US goods from its hefty retaliatory measures.

However, Beijing has said there are no active negotiations between the economic superpowers, while Trump claimed to have spoken with Xi.

Meanwhile, Japanese media reported that a second round of trade talks in Washington was set for May 1.

The discussions will be closely watched as a barometer for efforts by other countries seeking tariff relief.

And US Treasury Secretary Scott Bessent said a trade "understanding" between South Korea and the United States could be reached by this week.

Separately, officials in Beijing were due to hold a news conference Monday on employment, economic growth and development, days after China's top decision-making body gathered to discuss how to kickstart growth.

Leaders are looking at a range of domestic issues with an eye to "enhance the role of consumption in stimulating economic growth", according to Xinhua on Friday.

They also said they would seek to "work with the international community to actively uphold multilateralism and oppose unilateral bullying practices".

- Key figures at 0230 GMT -

Tokyo - Nikkei 225: UP 0.5 percent at 35,887.89 (break)

Hong Kong - Hang Seng Index: DOWN 0.2 percent at 21,945.60

Shanghai - Composite: DOWN 0.1 percent at 3,291.87

Euro/dollar: DOWN at $1.1356 from $1.1359 on Friday

Pound/dollar: DOWN at $1.3291 from $1.3314

Dollar/yen: DOWN at 143.62 yen from 143.69 yen

Euro/pound: UP at 85.44 pence from 85.31 pence

West Texas Intermediate: DOWN 0.1 percent at $62.97 per barrel

Brent North Sea Crude: DOWN 0.1 percent at $65.76 per barrel

New York - Dow: UP 0.1 percent at 40,113.50 (close)

London - FTSE 100: UP 0.1 percent at 8,415.25 (close)

Ferreira--PC