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European Shares Close at 5-Week Peak; Sterling Gains Weigh on FTSE

European Shares Close at 5-Week Peak; Sterling Gains Weigh on FTSE

European shares climbed to a five-week peak on Tuesday, as jitters over Hurricane Irma and North Korea's nuclear standoff eased.

The pan-European STOXX 600 rose 0.52 percent, off session peaks, with nearly all sectors ending in the black. However, some investors were in doubt as to how sustainable current market levels are.

The FTSE 100 was under pressure after the recent U.K. inflation data, shedding 0.17 percent.

Financial stocks were among the top performers, as banks and financial services increased 1.6 and 1.1 percent respectively.

Investment manager Partners Group was near the top of the STOXX 600, climbing over four percent. Deutsche Bank, Commerzbank and Italy's Banco BPM moved higher and all ended above 2.5 percent, bolstered by the shifting sentiment.

The insurance sector climbed 0.78 percent as individual stocks started their recovery from Hurricane Irma. Insurance companies, which spurred Europe's increase on Monday with an approximately two percent rise, were once again in the green, climbing 0.8 percent.

The travel and leisure industry closed higher, despite facing criticism over its relief efforts for tourists in the aftermath of the storm.

Looking at individual stocks, Volkswagen climbed 1.9 percent after announcing a 20 billion euro plan to develop zero-emission vehicles and other constructors were also gaining ground. Peugeot topped France's blue chip CAC 40 with a 3.8 percent gain.

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