Asian futures tipped a mixed open for markets in the region on Monday, the first trading day of the second half of the year, with trade tensions between the U.S. and its trading partners still a key concern for investors.

Nikkei futures traded in Chicago were lower by 0.56 percent compared to the benchmark’s last close. Elsewhere, Australian SPI futures were up 0.37 percent at the end of Friday. Markets in Hong Kong, meanwhile, will be closed on Monday for a holiday.

Although global markets notched gains in the previous session, investors have been cautious over trade tensions between the U.S. and its trading partners, most notably China. U.S. tariffs on $34 billion of Chinese products are expected to take effect on July 6, with China set to retaliate with duties of its own on the same value of American goods.

Uncertainty on trade policy, most recently related to foreign investment in U.S. technologies, as well as concerns that retaliation could intensify to the point that global economic growth is negatively affected, have weighed on investor sentiment in recent weeks.

Despite that uncertainty, Wall Street closed higher on Friday: The Dow Jones Industrial Average rose 0.23 percent, or 55.36 points, to close at 24,271.41, the S&P 500 added 0.08 percent to end at 2,718.37 and the Nasdaq composite advanced 0.09 percent to 7,510.30.

On the energy front, President Donald Trump unexpectedly announced what he claimed was a new agreement with Saudi Arabia. Trump said in a tweet that Saudi Arabia had agreed to raise production by up to 2 million barrels per day, while the White House somewhat tempered the president’s proclamation.

Trump’s announcement came a week after OPEC reached a decision on increasing oil production after curbing output since 2017 in a bid to boost prices.

In economic news, China’s official manufacturing Purchasing Managers’ Index declined to 51.5 for the month of June, missing the 51.6 forecast, although the figure still came in above the 50-point level indicating growth.

Here’s the economic calendar for Monday (all times in HK/SIN):

• 7:50 a.m.: Japan tankan index
• 9:45 a.m.: China Caixin manufacturing PMI
• 12:00 p.m.: Indonesia CPI