India, Nov. 18 -- Asian stock markets ended mostly higher on Monday as investors awaited further progress on a U.S.-China trade deal, while China's central bank surprised markets by cutting a key interest rate for the first time since 2015.

On Saturday, Chinese state media said that the U.S. and China had "constructive discussions" regarding a phase one trade deal in a high-level phone call.

Chinese shares closed higher after the People's Bank of China unexpectedly lowered the rate on seven-day reverse repurchase agreements by five basis points to 2.50 percent. The move stoked hopes of more stimulus measures to revive the slowing economy.

The benchmark Shanghai Composite Index added 17.86 points or 0.6 percent to finish at 2,909.20. Ho...