GLOBAL MARKETS-Asian shares nudge higher, oil nurses losses

SYDNEY: Asian share markets edged higher on Monday as euro zone banking jitters faded, to be replaced by caution ahead of corporate earnings and a raft of global economic events including testimony from the head of the Federal Reserve.

MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.2 percent, with Seoul putting on 0.4 percent.

Japan’s Nikkei rose a modest 0.2 percent after several sessions of losses.

European markets had calmed on Friday as investors decided that losses associated with the founding family of Banco Espirito Santo were unlikely to disrupt Portugal’s financial system or revive broader worries about the bloc’s
weaker economies.

The S&P 500 EMini contract was trading up 0.1 percent  on Monday, after the cash index ended with similar gains on Friday. The Dow closed up 0.17 percent, while the Nasdaq added 0.44 percent.

Attention will be on shares in Citigroup, which sources said would announce on Monday a deal to pay $7 billion to resolve a U.S. government investigation into shoddy mortgage-backed securities.

Many of the major banks report earnings this week, along with big tech names including Intel Corp, Yahoo Inc, eBay Inc and Google Inc.

Federal Reserve Chair Janet Yellen’s two-day appearance in the U.S. Congress from Tuesday will dominate global markets,which want above all to know how long rates might stay near zero once the central bank ends its asset-buying programme.

Source: APP