Asia open: Hang Seng underperforms on weak China's retail sales, USD/JPY firmed above 159.75 after BoJ

Global markets rallied after the US and Iran agreed to a 60-day ceasefire framework and the full reopening of the Strait of Hormuz. The Nasdaq 100 surged 3%, the Dow Jones hit a record high, and crude oil plunged below US$85 per barrel as geopolitical risk premiums evaporated.