Asian equity markets ended mostly higher on Monday on optimism that European officials will soon agree on a third bailout deal for Greece.
News emerged in the afternoon that European ministers will review a compromise proposal for a Greek bailout following fourteen hours of talks. The report quashed earlier fears of a 'Grexit' on the back of a German draft proposal that said "Greece should be offered swift negotiations on a time-out from the euro area."
The euro was little changed throughout the session, down 0.2 percent to around 1.11 per dollar.
Focus in Asia was also on Chinese trade figures, which showed exports rising 2.8 percent from a year earlier, beating expectations of a 0.2 percent fall. Despite the positive data, customs officials warned that exports are likely to face "relatively big pressure" in the coming months.
Meanwhile, Brent crude lost over 2 percent as talks for a Iranian nuclear deal continued. After two delays, the deadline has now been pushed to Monday, the Iranian foreign minister said over the weekend.