Asian markets rally, Kospi jumps over 3%

Mettis Global reported that Asian equity markets opened higher on Monday, with Japanese and South Korean shares posting the strongest gains. Japan's Nikkei 225 rose almost 1% when trading began while the broader Topix climbed 0.55%, per CNBC. South Korea's Kospi jumped 3.09% in early trading, and the small-cap Kosdaq added 1.33%.

The S&P/ASX 200 in Australia was broadly flat against a previous close of 9,005.90. Hang Seng futures were quoted at 25,667, just above their prior close of 25,650.87. Investors stayed alert to the US-Iran conflict, which has yet to ease. Reports said the US struck three Iranian oil tankers after claims emerged that American warships had come under ballistic missile fire, a development that has raised worries about energy supply.

Chris Wright, the US energy secretary, suggested that a nuclear accord with Tehran could be out of reach for now, raising the prospect that Washington shifts its focus to stopping Iran from developing nuclear arms. Washington has repeatedly described keeping Iran from acquiring nuclear arms as a principal goal of its military effort, while President Donald Trump continues to pursue a negotiated resolution. American stock exchanges will stay shut on Monday because of a public holiday.