Japanese and South Korean stock markets rose in thin holiday trading on Monday, as investors weighed a report saying that the U.S., Iran, and other mediators were discussing terms for a potential 45-day ceasefire.
Trading volumes were subdued because markets in Hong Kong, mainland China, and Australia were closed for holidays.
U.S. stock futures were largely unchanged in Asian trading on Monday, trimming earlier losses on hopes of an Iran ceasefire.
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US-Iran mediators reportedly push for 45-day ceasefire Japan’s Nikkei Nikkei 225 climbed 1.4%, while the broader TOPIX index rose 0.7%.
South Korea’s KOSPI advanced 1.1%.
Sentiment improved after an Axios report said the United States, Iran, and regional mediators were discussing terms for a potential 45-day ceasefire that could eventually lead to a broader deal to end the war.
The report said Pakistani, Egyptian, and Turkish intermediaries were involved, although chances of securing even a partial agreement within the next 48 hours remained uncertain.
Trump sets Tue deadline for Iran to pen Hormuz The diplomatic push came after U.S. President Donald Trump said Iran had until Tuesday evening to reopen the Strait of Hormuz or face attacks on critical infrastructure.
Trump said the deadline would expire at 8 p.m. Eastern Time on Tuesday and warned that Iranian power plants and bridges could become targets if shipping through the strait was not restored.
Oil prices rose again in Asian trade after surging late last week, but tempered some gains after the Axios report.
Higher crude prices threaten to lift import costs for Asian economies heavily dependent on energy imports.
Elsewhere in Asia, Singapore's Straits Times Index rose 0.3%.
India's Nifty 50 slipped 0.4%, bucking the regional trend.
