Tokyo

Globalshares mostly advanced and Japan's benchmark Nikkei 225 briefly topped 70,000 for the first time before trimming early gains after the Bank of Japan raised its key interest rate to 1 per cent. The quarter percentage point hike took the benchmark rate to its highest level in three decades.

France's CAC 40 jumped 0.7 per cent in early trading to 8,446.06, while the German DAX added 0.8 per cent to 25,102.01. Britain's FTSE 100 surged 0.6 per cent to 10,492.11. The future for the S&P 500 was nearly unchanged while that for the Dow Jones Industrial Average edged 0.1 per cent higher.

Japan's Nikkei 225 rose 0.1 per cent to finish at 69,404.50, while South Korea's Kospi moved further into record territory, gaining 2.1 per cent to 8,726.60. In Hong Kong, the Hang Seng slipped 1.4 per cent to 24,493.95, while the Shanghai Composite fell 0.1 per cent to 4,091.89. Australia's S&P/ASX 200 was little changed, rising less than 0.1 per cent to 8,917.70 and Taiwan's Taiex surged 0.9 per cent.

On Monday, stock markets rallied worldwide, and oil prices eased after the United States and Iran reached a tentative deal to get the global flow of crude going again. The S&P 500 rose 1.7 per cent and the Dow climbed 0.9 per cent to a record. The Nasdaq composite jumped 3.1 per cent. Brent crude fell 4.8 per cent on expectations that the US-Iran agreement might reopen the Strait of Hormuz, where much of Asia gets its oil supply.

But some analysts have urged caution, noting many issues remain uncertain. Negotiations with Iran are expected to continue over the next 60 days. Even after Hormuz reopens on Friday as expected, it will likely take months for the energy industry to get back to full speed. Oil prices have declined recently on hopes for an extension of the ceasefire in the war, falling from the $100 plus levels they were at a few weeks ago.