Asian markets looked set for a mixed start on Tuesday after Wall Street notched gains on the back of an apparent cooling in recent U.S.-China trade tensions.

Nikkei futures traded in Chicago were higher by 0.05 percent compared to the index’s Monday close at 23,015 while Australian SPI futures were lower by 0.21 percent at the end of the last session.

Markets in Hong Kong and South Korea will be closed on Tuesday for a holiday.

U.S. stocks closed in positive territory in the previous session, with the Dow Jones industrial average closing above the 25,000 mark for the first time since the middle of March. Gains during the U.S. session came on the back of an easing in U.S.-China trade tensions and improved investor sentiment.

The Dow jumped 1.21 percent, or nearly 300 points, to 25,013.29, the S&P 500 advanced 0.74 percent to close at 2,733.01 and the Nasdaq composite rose 0.54 percent to 7,394.04.

U.S. Treasury Secretary Steven Mnuchin told CNBC on Monday that bilateral trade talks with China had “made very meaningful progress” and that it was now up to both parties to implement what had been discussed.

Mnuchin’s Sunday comment that the “trade war” between the countries was “on hold” cheered investors in Asia and Europe on Monday as their trade-related fears were put to rest.

On the commodities front, oil prices soared to their highest levels in three and a half years overnight. Markets were concerned over potential U.S. sanctions targeting Venezuela following the latter’s recent election, the results of which were widely condemned.

U.S. crude futures settled 1.4 percent higher at $72.24 per barrel and Brent crude futures added 0.9 percent to settle at $79.22.

The dollar index, which tracks the U.S. currency against a basket of peers, last stood at 93.677. Against the yen, the dollar traded at 110.91 at 7:04 a.m. HK/SIN after strengthening above the 111 level overnight.

Meanwhile, the euro got some reprieve after taking a hit on recent uncertainty in Italian politics. The common currency last traded at $1.1796.

The economic calendar for Tuesday is fairly light on data (all times in HK/SIN):

• 4:00 p.m.: Taiwan April unemployment
• 4:00 p.m.: Saudi Arabia April inflation