MSCI’s broadest index of Asia-Pacific shares outside Japan added 2.8%

Shares edged higher while oil prices flatlined in Asia ​on Monday as investors drew comfort from signs of patchy progress in settling the Middle East war at the start of a week packed ‌with earnings and key economic data.

The U.S. president said the country would begin an effort to free up ships stranded in the Strait of Hormuz on Monday morning, though he gave no details of the plan.

Iran earlier said the U.S. had responded to its 14-point proposal via Pakistan and it was reviewing the response, though the latter ​said it was unlikely to be acceptable.

Investors decided to reserve judgement and left Brent crude futures little changed at $108.35 per barrel, having ⁠recovered from an initial decline of more than 2%, while U.S. crude eased 0.1% to $101.85.

A holiday in ​Japan made for thin trading conditions, leaving Nikkei futures up only modestly at 59,880 versus a cash close of 59,513.

MSCI’s broadest index of Asia-Pacific shares outside Japan added 2.8%, led by tech-heavy South Korean stocks which returned from holiday with a jump of 4.05%. Chinese blue chips were down 0.06%.

EUROSTOXX 50 futures and DAX futures each advanced 0.3%. S&P 500 futures added 0.1% and Nasdaq futures gained ​0.3%, as markets braced for more than 100 earnings reports this week.

Companies reporting include Advanced Micro Devices, Super Micro Computer, Palantir, Walt Disney and McDonald’s.

The S&P 500 EPS ​growth rate was running at 25% and accounting for one-off gains at a still brisk 16%, said analysts at Goldman Sachs in a note.