GLOBAL MARKETS-Asia shares cautious as U.S. futures ease, lot hanging on Biden plan

* Asian stock markets : https://tmsnrt.rs/2zpUAr4
* Nikkei up 1%, Nomura flags possible loss at U.S. unit
* Markets hopeful ahead of Biden infrastructure plan
* U.S. dollar holds recent gains on euro and yen
* Oil supported by Suez blockage, OPEC meeting ahead

By Wayne Cole
SYDNEY, March 29 (Reuters) - Asian share markets turned
mixed on Monday as U.S. equity futures slipped and investors
awaited details of proposed trillions in U.S. fiscal spending
that many are counting on to supercharge the global economic
recovery.
Optimism about the U.S. economy has been helped by the
vaccination rollout with some 143 million shots given to almost
94 million people, far ahead of Europe's rollout. President Joe Biden is expected to put some flesh on his
infrastructure spending plans on Wednesday, while payrolls on
Friday are forecast to rise 630,000 amid speculation it could be
a million or more.
"We expect the global economy to expand robustly at 6.4%
this year, fuelled by a large U.S. 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."
MSCI's broadest index of Asia-Pacific shares outside Japan
.MIAPJ0000PUS nudged up 0.3%, with activity restrained by the
approach of quarter end. Chinese blue chips rose 0.5% .CSI300 .
Japan's Nikkei .N225 added 1%, though there was some
nervousness when Nomura reported its U.S. unit could face a $2
billion loss related to a client. There was also some caution after a $20 billion wave of
block trades hit markets on Friday, reportedly linked to
investment fund Archegos Capital. For now, Nasdaq futures NQc1 were off 0.5% and S&P 500
futures ESc1 0.4%.
The prospect of faster U.S. economic growth has spurred
speculation of rising inflation and weighed on Treasury prices.
Yields on U.S. 10-year notes US10YT=TWEB eased a touch on
Monday to 1.66%, but were still not far from the recent 13-month
top of 1.754%.
European yields have been restrained by active buying from
the European Central Bank, widening the dollar's yield advantage
over the euro. The single currency was last at $1.1786 EUR= ,
having hit a five-month low of $1.1760 last week.
Analysts at TD Securities noted the euro had failed to find
any benefit from a very strong German IfO survey on Friday that
showed business morale at a near two-year high and signs of
recovery in the service sector. "This suggests that market positioning still remains
significantly skewed toward the long side in EURUSD — even
though spot has seen a meaningful decline through the 200-day
moving average," they wrote in a note. "We continue to focus on
downside risks from here."
The dollar was also firm at 109.70 yen JPY= , having
reached its highest since early June on Friday at 109.84. The
dollar index stood at 92.776 =USD , after reaching its highest
since mid-November.
The lift in yields has weighed on gold, which offers no
fixed return, and left it at $1,730 an ounce XAU= .
Oil prices, and commodities in general, have been supported
by speculation a blockage in the Suez canal could take weeks to
clear, delaying oil shipments of a million barrels a day. There
are now over 300 vessels waiting to pass through the shipping
route which accounts for 12% of global trade. The market will be cautious ahead of an OPEC meeting this
week, which will have to decide whether to extend supply limits,
or loosen the spigots. O/R
Brent LCOc1 was off 7 cents at $64.50 in early trade,
while U.S. crude CLc1 dipped 24 cents to $60.73 per barrel.

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(Editing by Richard Pullin and Sam Holmes)