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MILAN, July 4 (Reuters) - European shares rose for a fifth straight session on Monday with gains among mining stocks helping the market extend last week’s rally on the back of higher metal prices.
The pan-European STOXX 600 index <.STOXX< rose 0.4 percent by 0705 GMT, while the FTSEurofirst 300 gained 0.4 percent.
Stocks rose last week on hopes that the European Central Bank would step in to support markets, easing concerns over any fallout from Britain’s decision last month to leave the EU.
Both indexes, however, remain below levels reached before the shock UK vote, which triggered worries about the political and economic outlook for Europe, weighing on peripheral countries and financial stocks.
Europe’s STOXX 600 Basic Resources index, which contains major mining stocks, was the biggest sectoral gainer, up 2 percent, as copper prices rose with the market climbing to a two-month top on expectations of stimulus measures in top consumer China.
Europe’s STOXX 600 Bank index fell 0.4 percent. Deutsche Bank fell 0.9 percent after Exane BNP cut its price target on the stock by 17 percent to 10 euros. (Reporting by Danilo Masoni; Editing by Sudip Kar-Gupta)