Asian stock markets were subdued on Monday, as Australian shares dropped after weak Westpac earnings dragged financials, while other markets saw only slight gains as investors awaited clarity on U.S.-China trade talks.

The U.S. economy added more jobs than anticipated in April, but this still represented a drop from the previous month given the heightened economic uncertainty due to U.S. President Donald Trump’s aggressive tariffs policy.

U.S. President Donald Trump said on Sunday evening that he had no immediate plans to speak with Chinese President Xi Jinping, but that dialogue between Chinese and U.S. officials was taking place, media reports showed.

U.S. President Donald Trump on Sunday evening said he had instructed his administration to impose a 100% tariff on all foreign-produced movies in the U.S., claiming that the American movie industry was “dying.”

Oil prices fell sharply in Asian trade on Monday after the OPEC+ signaled over the weekend that it will further increase production in the coming months, heralding a potential supply glut.

Euro zone inflation held steady a touch above the ECB’s 2% target in April but underlying price pressures picked up more than projected, likely making some ECB policymakers nervous, even if a trade war may justify more interest rate cuts.