Asian shares follow Wall St higher

HONG KONG: Asian markets rose Monday following another record close on Wall Street, while oil prices fell after Iran struck a deal with world powers on its nuclear programme that will see an easing of sanctions on the crude-producer.

The generally positive sentiment sent the yen sinking against the dollar, while it also hit a four-year low versus the euro.

Tokyo jumped 1.36 percent, Hong Kong added 0.20 percent, Sydney added 0.46 percent, Seoul was 0.97 percent higher but Shanghai slipped 0.56 percent.

Traders took their cue from New York, where the SandP 500 ended above the psychologically important 1,800 level for the first time Friday, while the Dow also closed at another record high, a day after it broke the key 16,000 level.

The SandP 500 added 0.50 percent, while the Dow climbed 0.34 percent and the Nasdaq rose 0.57 percent.

The Dow has closed at new records 41 times in 2013, according to data from SandP Dow Jones Indices.

On oil markets Brent prices tumbled more than two percent after Iran on Sunday agreed to curb its nuclear programme for the next six months in exchange for limited sanctions relief.

The deal, a preliminary accord laying foundations for a comprehensive agreement later this year, was reached after marathon talks in Geneva between Iran and the so-called P5+1 nations comprising the United States, China, France, Britain, Russia and Germany.

"Brent had rallied last week in response to market talk that the negotiations weren't going so well, and what we see right now is a downward correction of prices after the deal," Victor Shum, managing director at IHS Purvin and Gertz in Singapore, told AFP.

However, he added that despite the falls Monday the impact of the deal on global supplies would be limited as many of the sanctions would remain in place for now.

The yen suffered further selling pressure on Monday as investor confidence in the global outlook improves. Traders generally move into the yen in times of economic uncertainty as it is considered a safe bet.

In early trade the dollar was changing hands at 101.68 yen compared with 101.23 yen in New York Friday. The greenback last week topped 101 yen for the first time since July.

The euro was at a four-year high of 137.81 yen compared with 137.21 yen in New York, while also fetching $1.3554 against $1.3555.

Gold fetched $1,241.72 per ounce at 0220 GMT compared with $1,242.80 on Frida