Asian stock markets settled higher on Monday, cheered by the rise on Wall Street after President Donald Trump moved to scale back regulations on the financial industry last week.

Japan's benchmark index, Nikkei 225 rose 58.51 points or 0.31 percent to settle at 18,976.71. China's benchmark index, Shanghai Composite went up 16.81 points or 0.54 percent to close at 3,156.98. Hong Kong's Hang Seng went up 219.03 points or 0.95 percent to end at 23,348.24.

Singapore's Straits Times went up 14.97 points or 0.49 percent to end at 3,056.91. South Korea's KOSPI went up 4.50 points or 0.22 percent to end at 2,077.66. Taiwan's TAIEX went up 82.45 points or 0.87 percent to end at 9,538.01.