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London - European shares climbed for a fifth day, inching closer to levels before the Brexit vote.
The Stoxx Europe 600 Index added 0.4% to 337.46 at 09:20, coming within 10 points of erasing its losses since Britons voted to leave the European Union. While the benchmark gained 5.5% in the past four sessions, its recovery has been slower than that of global shares, which wiped out their post-Brexit declines on Tuesday.
Equities are rebounding after sliding last week on concern over the strength of the Italian banking system and the impact of the UK referendum.
Stoxx 600 lenders sank on July 6 to their lowest levels since 2011, insurers fell to an almost three-year low, and property-related stocks in Britain tumbled as several funds suspended withdrawals. Optimism over corporate health and looser monetary policy to contain the fallout of Brexit have boosted shares since then.
Burberry Group rose 2.2% after it reported first-quarter retail sales that beat analysts’ estimates. Accor added 3.8% after announcing plans to separate its HotelInvest unit and eventually sell a majority stake in the subsidiary to free up funds for the parent company to expand and improve existing lodgings.
Miners led gains among industry groups, with Anglo American and Glencore up more than 2%.
