SYDNEYL Asian shares were trying to sustain a rare rally on Monday as Wall Street futures made early gains, perhaps hoping a U.S. holiday would provide a break from recent selling, though worries about global recession were never far away.

       The euro softened slightly after French President Emmanuel Macron lost control of the National Assembly in legislative elections on Sunday, a major setback that could throw the country into political paralysis.

       Nasdaq futures made the early running with a rise of 1.0%, while S&P 500 futures bounced 0.6%. Recently, both have had a habit of gaining in Asia only to turn tail once London and New York open.

       The S&P 500 fell by almost 6% last week to trade 24% below its January high. Analysts at BofA noted this was the 20th bear market in the past 140 years and the average peak to trough bear decline was 37.3%.

       Investors will be hoping it does not match the average duration of 289 days, given it would not end until October 2022.

       MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.1% in thin trade. Tokyo's Nikkei added 0.6. - Reuters