By Julie Zhu

HONG KONG, (Reuters) – Asian shares rose in the early trading session on Tuesday following the passing of a U.S. Infrastructure bill. Oil prices also gained due to the positive outlook on energy demand in a globalized economy.

Investors were cheered by the passage over the weekend of the long-delayed U.S. $1 Trillion infrastructure bill. However, they face another challenge later in the week: a reading about U.S. inflation which may impact plans to tighten monetary policy.

MSCI’s Asia-Pacific broadest index outside of Japan rose 0.3% in early trading on the Asian day.

Stock index rose by 0.06%, while Australian shares fell 0.12%

China’s blue-chip CSI300 index was 0.33% more in early trade. Hong Kong opened 0.65%.

Wall Street’s benchmark, the Nasdaq, and Wall Street’s blue-chip Dow extended their streak of closing records to eight consecutive sessions on Monday. The Dow also set a new record for closing highest, at its second consecutive session.

A 4.9% decline in Tesla (NASDAQ:) Inc shares however weighed on the S&P 500. Tesla lost ground following Chief Executive Elon Musk’s tweet (NYSE:) poll asking whether to sell 10% of his shares in the electric carmaker. This poll received more than 3.5million votes with 57.9% of those voting “Yes”.

The world share rose also Monday, after reaching a record last week. This was due to relatively dovish central banking messages and solid U.S. labour statistics on Friday. These factors added to the optimism generated from a healthy earnings season both sides.

A tight U.S. labour force and disruptions in global supply chains may lead to high consumer prices. A strong inflation could rekindle the conversation about Federal Reserve raising interest rates before they are expected to.

“While Chair Powell believes that the Fed is able to be patient in regards rate increases, with measures such as underlying inflation increasing and widening, it’s time for the Fed to hold this line,” ANZ analysts stated in a note.

The yields of most U.S. Treasury securities rose on Monday as Congress passed the infrastructure bill.

Benchmark’s yield was 1.4862%, compared to its U.S. closing of 1.497% Monday.

The was at 94.075, the, which measures the greenback’s value against six currencies in a basket, was higher than before.

The passage of the U.S. Infrastructure bill, and China’s growth in exports supported oil prices. This helped to stabilize the price of oil. Saudi Arabia’s state-owned producer Aramco increased the selling price for crude.

The barrel price rose 0.15%, to $82.05 per barrel. The barrel cost $83.59

The price was $1,823.3/ounce slightly lower [GOL/]