Asian shares gained as markets heaved a sigh of relief following centrist Emmanuel Macron's victory in the French presidential election.
Japan equities rallied after a three-day holiday, while U.S. stocks closed at a record on Friday. Oil rebounded after dipping to a five-month low of $44 per barrel last week.
SGX Nifty futures indicate a weak start for Indian equities after the NSE Nifty 50 Index posted its worst fall in nearly six weeks on Friday.
Robust Jobs Report
U.S. April non-farm payroll reports released on Friday showed jobs growth of 211,000, surpassing the consensus estimate, while the unemployment rate fell to 4.4 percent, the lowest since May 2007.
The data should keep Federal Reserve policy makers on track to raise interest rates in the coming months after officials declared the first-quarter slowdown to be temporary.
The S&P 500 Index broke out of a week-long slumber to notch its first record close since March 1. The Nasdaq Composite Index also closed at a record, while the Dow Jones Industrial Average ended above 21,000.
Also Read: What Macron's Win In France Means For Emerging Markets And India
Oil Rebounds
Oil extended its rebound as Goldman Sachs Group Inc. and Citigroup Inc. warned the market is tightening and that the last week's selloff wasn't based on fundamentals.
The Organisation of Petroleum Exporting Countries will meet on May 25 to decide whether to extend supply cuts to the second half of the year.
Brent crude for July settlement advanced 1.7 percent to $49.92 per barrel on the London-based ICE Futures Europe exchange while West Texas Intermediate for June delivery jumped 1.5 percent to $46.94 a barrel on the New York Mercantile Exchange.
Weakness Ahead?
The SGX Nifty futures fell 0.33 percent at 9,356 as of 7:10 a.m., indicating a negative start to the Indian markets.
Indian shares retreated from record highs, posting their worst fall in nearly six weeks, dragged lower by state-owned lenders while a rout in global commodities weighed on miners.
Shares of banks will be in focus today after the government appointed new chief executive officers at seven lenders, including Punjab National Bank and Bank of India.
Also Read: Tata Motors Expects 15% Growth In Commercial Vehicles Exports
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