European shares climb higher; oil hit by China demand concerns

LONDON (Reuters) – European shares picked up in early trading on Monday after a recovery in Asian equities overnight, with risk appetite boosted by recent strong earnings and a U.S. infrastructure bill, though oil prices were hit by concerns about Chinese demand.

The MSCI world equity index, which tracks shares in 49 countries, was up 0.4% at 0805 GMT, after Asian shares recouped some of their recent losses.

MSCI’s main European Index rose around 0.8%, while the Stoxx 600 hit a new all-time high, up 0.7%.

Risk appetite was boosted by the prospect of more fiscal stimulus in the United States, as senators introduced a sweeping $1 trillion infrastructure spending plan.