London — World stocks were set for a sixth session of gains on Monday, extending a recovery from a sell-off sparked by the fear of creeping inflation and higher borrowing costs. Gains were marginal, however, and scored largely in Asian markets, with Japan’s Nikkei 225 up 2%. European bourses gave up initial gains to turn lower, with the pan-European Stoxx index down 0.2%. Trading was slower than usual due to market holidays in the US and China, but moves in the steel sector were pronounced in the wake of the US government outlining proposals for hefty import curbs. Shares in Tenaris, Outokumpu and ArcelorMittal — which have facilities in the US — were the biggest gainers in Europe, up between 2.2% and 4.6%. The MSCI world index, which tracks shares in 47 countries, was up 0.1%. The index has recovered nearly half of its losses from late January to last week’s low, posting a gain of 4.3% last week. That was its best weekly performance since December 2011. The rebound came after a two...
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