Europe open: Shares tread water after Asia markets close higher

European shares were treading water at the opening on Monday, following Wall Street's positive end to Friday and a continuing strong run in Asia.

The pan-European Stoxx 600 index was flat at 380.81 with most bourses in positive territory apart from the FTSE 100.

Investors took their cue from Asian shares, which closed higher as the appetite for equities returned after a recent sell-off on the back of global inflationary fears.

In corporate news, shares in industrial instruments maker Spectris Group rose as the company said full year pre-tax profit rose 12% to £218.4m, lifted by acquisitions and a recovery in US demand.

Consumer goods maker Reckitt Benckiser shares were lower as the company reported a rise in pre-tax profit for the year and an increase in revenue, although like-for-like sales were flat.

AstraZeneca shares were also up as the pharma giant said the US Food and Drug Administration has approved Imfinzi for the treatment of patients with unresectable Stage III non-small cell lung cancer whose disease has not progressed following concurrent platinum-based chemotherapy and radiation therapy.