Asia shares edge higher, oil slips as Suez Canal ship re-floated

Asian share markets edged higher on Monday while oil prices slipped as the ship blocking the Suez Canal was re-floated, raising hopes the vital waterway could reopen and ease global shipping backlogs.

The news added to optimism about world growth as markets look to President Joe Biden to outline his infrastructure spending plans this week, which could supercharge an already accelerating US recovery.

“We expect the global economy to expand robustly at 6.4% this year, fuelled by a large US fiscal stimulus, with positive spillovers for the rest of the world,” said Barclays economist Christian Keller.

“Rising inflation over the coming months should be transitory, and core central banks seem committed to looking through it.”