Southeast Asian stock markets saw a relief rally on Monday after weeks of volatile trade, as a thaw in Sino-U.S. trade tensions and upbeat comments from U.S. President Donald Trump revived risk appetite. U.S. President Donald Trump said on Saturday talks with China were “right back on track”, offering new concessions including no new tariffs and an easing of restrictions against Chinese tech giant Huawei. China agreed to make unspecified new purchases of U.S. farm products and return to the negotiating table, in what was seen as a better-than-expected result from the meeting between Trump and Chinese President Xi Jinping on the sidelines of the G20 summit in Osaka, Japan. “We didn’t have high expectations for the G20 meetings. What we got was realistically about as good as we thought likely,” said Robert Carnell, ING’s chief economist and head of research for Asia-Pacific, in a note. “But compared to an alternative scenario, where Presidents Trump and Xi walked away from Osaka shaking fists at each other in acrimony and accusations of reneging on earlier agreements, this can’t be described as a bad outcome,” Carnell added.

The Singapore stock index led gains in the region, with a 1.2% rise. Lenders DBS Group Holdings and United Overseas Bank added 2.5% and 1.7%, respectively. Indonesian stocks advanced as financials and telecom stocks lent support, ahead of release of June inflation data. Telecom major Telekomunikasi Indonesia Tbk rose 1.7%. The index of the country’s 45 most liquid stocks were up 0.4%. Investors shrugged off data which showed the country’s June Nikkei/Markit Manufacturing PMI slip amid softer output, while job creation was the weakest in a year. Malaysian stocks also rose, despite data showing June manufacturing activity slowed, with new orders contracting for a ninth straight month as demand conditions softened. Vietnamese index jumped, with a solid performance at financials and real-estate counters. Builder Vingroup JSC rose 0.9%. Thai stocks surged as a jump in oil prices provided additional support to the energy-heavy index.