Share markets rallied in Asia on Monday as a pause in fighting in the Gulf dragged oil prices lower, easing inflation risks and boosting bonds ahead of a packed week of central bank meetings and earnings reports. Brent crude slid 4.7% to $92.27 a barrel while U.S. crude dropped 5.0% to $84.89 after Iran said it would halt attacks as long as the U.S. did the same. The pullback in oil led markets to slightly pare the probability of rate hikes from the Federal Reserve, which meets on Wednesday with markets implying around a one-in-three chance of a rise. S&P 500 futures rose 0.8% and Nasdaq futures jumped 1.3%, while Chinese blue chips gained 0.3% as chipmaker CXMT Corp surged 500% in its Shanghai trading debut after raising $8.6 billion in Asia's biggest initial public offering this year. The drop in yields helped gold climb 1.3% to $4,103 an ounce.
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