European Shares Rise, Supported by Lower Energy Prices

European shares rose in early trade, as lower oil and gas prices eased some of the investor concern about hyperinflation.

The pan-European Stoxx 600 index rose 1.1 percent in a broad-based buying wave, reversing its weekly losses, as mining, auto, and utility advanced.

Oil prices fell for the second consecutive session, while European gas futures also fell from record levels.

There was also some support on the back of the US debt ceiling after US Senate Republican Leader Mitch McConnell announced plans to extend the borrowing limit until December.