GLOBAL MARKETS-Shares hold up as economic optimism offsets Archegos fallout

* World shares rise slightly, U.S. futures off lows
* Nomura, Credit Suisse warn on losses after Archegos share
sale
* Markets hopeful ahead of Biden infrastructure plan
* Oil prices turn positive ahead of OPEC+ meeting
* Asset performance: http://tmsnrt.rs/2yaDPgn
* World FX rates: http://tmsnrt.rs/2egbfVh

By Danilo Masoni and Wayne Cole
MILAN, March 29 (Reuters) - World shares held up on Monday
as optimism about the economic recovery and hopes that the Suez
Canal could be reopened soon offset uncertainty related to the
default of a U.S. hedge fund.
Investors were on edge about who had been caught out in the
default of the fund, named by sources as Archegos Capital, after
Nomura and Credit Suisse warned of big losses and block trades
on Friday hit some U.S. and Chinese stocks.
The partial re-floating of the huge container ship blocking
the Suez Canal for nearly a week however raised hopes that the
vital waterway could reopen soon and ease global shipping
backlogs. Investors were also looking to President Joe Biden to
outline this week his infrastructure spending plan, which could
supercharge an already accelerating U.S. recovery. "There is plenty of U.S. fiscal stimulus in supply and
therefore growth in the coming quarters is going to be very
good," said Giuseppe Sersale, fund manager at Anthilia in Milan.
"I don't see Archegos posing a systemic threat at the moment
and don't think its default will represent a watershed between a
bull and a bear market," he added.
The MSCI world equity index .MIWD00000PUS , which tracks
shares in 49 countries, rose 0.1% by 1205 GMT.
After a mixed performance in Asia, shares in Europe .STOXX
turned higher and were last up 0.3%, while U.S. futures dipped
slightly although they came off earlier lows. Nasdaq futures
fell 0.1% and S&P 500 futures fell 0.4%.
U.S. .VIX and euro zone .V2TX volatility gauges picked
up from last week's lows.
Credit Suisse shares CSGN.S were set for their worst day
in one year, down 14%, while Nomura 8604.T fell 16% in its
largest drop on record, limiting gains for Japanese shares.
Barclays economist Christian Keller in London said he
expected large U.S. fiscal stimulus to expand "robustly" at 6.4%
with positive spillovers for the rest of the world.
"Rising inflation over the coming months should be
transitory, and core central banks seem committed to looking
through it," he said.
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=RR eased a touch to
1.646%, but were 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 down 0.1% at $1.177
EUR=EBS , just above a five-month low hit last week.
The dollar index was little changed at 92.769 =USD , after
reaching its highest since mid-November last week.
The lift in yields has weighed on gold, which offers no
fixed return. Spot gold XAU= was down 0.4% at $1,724 an ounce.
Oil reversed earlier losses on expectations that the OPEC+
group of leading producers will keep output unchanged when it
meets this week.
Investors also bet that operations in the Suez Canal might
take weeks to return to normal even though a ship blocking it
has been partly refloated. O/R
Brent LCOc1 were up 0.8% to $65.09 a barrel, while U.S.
crude CLc1 added 0.7% to $61.38 per barrel.