There were gains all round on global markets overnight, with the Dow and S&P500 both claiming new record highs.

In the absence of any major economic data, merger activity in the food industry provided the impetus for Wall Street's rally.

The Nasdaq was a highlight, recovering all of last week's losses amid a sharp rebound in technology shares.

Most commodities took part in the global rally. Gold snapped a four session losing run amid expectations India may soon lift bullion import restrictions following the recent round of elections.

Among the other metals, nickel flew five percent to its highest since February 2012, as traders continue to price in global supply disruptions due to Indonesia's ban on exports of unprocessed ore.

Copper leapt two percent amid hopes China's decision to reform capital market rules will translate into greater demand for the red metal.

Elsewhere, oil settled above $100 a barrel as pro-Russian separatists in Ukraine declared victory in Sunday's recession referendums, igniting fears of energy supply disruptions from the region.

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