Asian stocks gain on improving sentiment after oil prices sink, US banks beat expectations

Asian stock markets rose sharply Monday as sentiment improved thanks to lower crude oil prices and stronger-than-expected earnings from U.S. banks.

In Hong Kong, the blue-chip Hang Seng Index climbed more than 3 percent to 22,532.90. Markets in South Korea, Taiwan and Australia were each up over 3.5 percent.

Japan's financial markets were closed for a public holiday.

Investors were feeling upbeat after Citigroup Inc. reported a second-quarter loss Friday morning that nonetheless topped analyst projections, joining Wells Fargo & Co. and JPMorgan Chase & Co. in delivering better results than anticipated.

The news, which seemed to …