Asian Markets Rise Amid US-Iran Tensions Easing and Oil Price Drop

Asian stock markets rose on Monday after the US and Iran paused further fighting in the region, leading to a drop in oil prices. The relief rally came as investors weighed inflation risks, the Federal Reserve's upcoming meeting, and doubts about profits from artificial intelligence spending. The price of Brent crude, the international standard, fell 4.6% to $87.46 per barrel, while US benchmark crude dropped 5.1% to $84.79 per barrel.

Asian markets reacted positively to the pause in fighting, with Japan's Nikkei 225 rising 0.2% to 64,771.02, and South Korea's Kospi up 0.3% at 6,708.87. Hong Kong's Hang Seng advanced 0.8% to 25,164.81, while the Shanghai Composite index gained 0.4% to 3,827.96.

Shares in Chinese memory chipmaker CXMT soared about 470% as they began trading on Shanghai's technology board, making it China's most valuable listed company with an estimated market capitalisation of nearly $490 billion.