Asian stocks ended mostly higher on Monday as hopes of Fed rate cuts as well as easing tensions in the Middle East helped boost investors' appetite for riskier assets.

With a July 9 deadline looming, traders also assessed the likely impact of U.S. President Donald Trump's trade war on the world's largest economy.

The U.S. dollar stayed under pressure in Asian trade and gold edged up toward $3,300 per ounce while oil prices dipped as investors braced for more OPEC+ supply.

China's Shanghai Composite index rose 0.59 percent to 3,444.43 on renewed hopes for a U.S.-China trade deal.

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