Asian shares advance, oil plunges on refloated Suez Canal ship

Asian share markets were seen upbeat on Monday, while oil prices recorded a subdued performance as a ship blocking the Suez Canal was finally refloated. This brought in hopes that the vital waterway’s reopening would ease global shipping backlogs.

MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.3% as Chinese blue chips traded 0.8% higher. Japan’s Nikkei jumped 1%, but the index’s performance was dampened by Nomura’s report regarding its U.S. unit’s impending losses.

Futures for the Nasdaq plunged 0.6%. EUROSTOXX 50 futures gained 0.2%, while FTSE futures barely moved.

Oil prices, on the other hand, fell on expectations that the Suez Canal would reopen soon. Apart from this, U.S. President Joe Biden’s anticipated spending plan boosted investors’ overall market enthusiasm.