Asian stocks rallied and oil prices plunged at the start of trading on Tuesday, following a volatile session for markets overnight after US President Donald Trump declared the Middle East war could be "over soon".

In Hong Kong, the benchmark Hang Seng Index gained 331 points, or 1.31 percent, to open at 25,740.

The China enterprises index was 95 points, or 1.1 percent, higher at 8,676 while the tech index was 99 points, or 2 percent, higher at 5,040.

Up north, the benchmark Shanghai Composite Index was up two points, or 0.05 percent, to open at 4,098.

The Shenzhen Component Index was 171 points, or 1.22 percent, higher at 14,239 while the ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, was up 2.29 percent to open at 3,281.

In Tokyo, the benchmark Nikkei 225 Index opened up 795 points, or 1.51 percent, at 53,524, ⁠recouping some losses after ⁠a 5.2 percent plunge on Monday. Its gains accelerated to 1,720 points, or 3.26 percent, at 54,449 just before noon local time. ⁠The broader Topix was 96 points, or 2.69 percent, up at 3,672.

In Seoul, the Korea Composite Stock Price Index opened up 271 points, or 5.17 percent, at 5,523 before picking up more gains just before noon.

The gains prompted the Korea Exchange to trigger a sidecar trading curb after futures rose more than 5 percent, halting programme trading for five minutes.

MSCI's broadest ⁠index of Asia-Pacific shares outside Japan was up 2.6 percent, paring losses since the start of the conflict in Iran, while Brent crude futures fell as much as 10 percent to below US$90 per barrel as trading resumed.

US equity futures were more muted, with S&P 500 e-mini futures down 0.2 percent to pare Monday's rebound. (Reuters & Xinhua)



Edited by Altis Wong