Europe's STOXX 600 rose in early trading, up 0.1% at 0843 GMT, Germany's DAX was up 0.4%, but London's FTSE 100 was down 0.7%.
Global shares rallied on Friday, hitting weekly highs, on signs of improving Sino-American relations and the prospect of more governments gradually reopening their economies.
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While several countries are suffering a fresh surge in infections — particularly the United States — the ongoing easing of lockdown measures and reopening of economies has been the key driver of a months-long surge across equities.
A string of positive indicators from China to the US in recent weeks — as well hopes for a vaccine and the easing of lockdowns around the world — has added fuel to a global rally that has lifted equities out of the March depths.
Markets in Hong Kong, Taiwan and mainland China were closed Tuesday for Lunar New Year holidays, while South Korea's benchmark tumbled 3.1% to 2,176.72 as it reopened after its own holidays.
Global markets showed more signs of stabilisation on Wednesday as investors looked past China’s coronavirus outbreak and moved back into shares from safe-haven assets
The euro retreated from near two-month highs and equity markets wavered on Wednesday even as the EU unveiled a 750b euro ($823 billion) recovery fund that helped offset concerns about unrest in Hong Kong over Beijing’s proposed security laws.