Oil prices drop over 4%; Japan’s Nikkei, South Korea’s Kospi surge after US-Iran peace deal reached

Peace deal sparks sharp gains across key Asian equity markets

Korea's bourse operator Monday activated a buy-side sidecar for the benchmark Korea Composite Stock Price Index (KOSPI) as the index spiked sharply, boosted by a peace deal agreement reached between the United States and Iran.

The Hang Seng Index rose 0.8 per cent to 24,919.40 as of 9.30am local time.

Taking center stage is the state of play between the U.S. and Iran and the first Federal Reserve meeting with Chairman Kevin Warsh in charge.