london dec 6 reuters  european stocks opened higher on monday while us futures also traded in the black in a tentative rebound from last week when the spread of the covid19 omicron variant and expectations of tighter us monetary policy rocked global markets optimism in europe overcame a rough session in asia where the msci index of asiapacific shares outside japan miapj0000pus lost almost 1 chinas central bank said it would cut the amount of cash banks must hold as reserves in an attempt to revive economic growth while the region has seen a series of corporate setbacks after ridehailing giant didi didin decided to withdraw from its new york listing last week shares in chinas evergrande 3333hk plunged 20 after the developer said there was no guarantee it would have enough funds to meet debt repayments another giant alibaba 9988hk dropped more than 5 after announcing it would reorganise its ecommerce businesses while us regulatory opposition to the sale of softbankowned chip firm arm pushed the japanese conglomerate 8 lower read more the mood was more upbeat moving west with the paneuropean stoxx 600 stoxx up 07 and sp 500 futures adding 05 tenyear us yields were also rising back above 138 after losing almost 13 basis points last week novembers mixed us jobs report did little to shake market expectations of more aggressive tightening by the federal reserve as uncertainty runs high over the human and economic cost expected from the omicron variant investors are focusing on rising us inflation which could prevent the fed from coming to the rescue should market mayhem reemerge by severely limiting the fomcs ability to respond to downside risks posed by omicron inflation has effectively destroyed the fed put jefferies analysts said in note inflation is now the dominant driver of not only rates but all risk assets they added as traders wait for fridays us consumer price report the us dollar index ticked up 005 in european morning trading after hitting brief 13month peaks against the australian and new zealand dollars which both later rebounded the euro eased a touch to 11289  still well above its recent trough at 11184 bitcoin was down 28 and was last at 48060 it hit a low of 41967 over the weekend as profittaking and macroeconomic concerns prompted nearly 1 billion worth of selling across cryptocurrencies read more oil prices rose by more than 1 a barrel after top exporter saudi arabia raised prices for its crude sold to asia and the united states and as indirect usiran talks on reviving a nuclear deal appeared to hit an impasse brent climbed 174 to 7161 a barrel while us crude added 185 to 6811 per barrel reporting by julien ponthus and wayne cole editing by sam holmes and emelia sitholematarise