Europe: Shares recover, airline stocks zoom on Brexit delay

[BENGALURU] European shares ground higher on Thursday, buoyed by gains among bank and travel stocks, with risk appetite aided by a European Central Bank official expressing willingness to support the euro zone.

The pan-European Stoxx 600 index edged up 0.1 per cent, with Paris-traded shares rising 0.7 per cent as luxury stocks gained significantly. Commerzbank rose 3.1 per cent with its supervisory board chairman dismissed reports of board dissatisfaction with its chief executive as irresponsible and unfounded. He also said the bank"must explore" the option to merge with Deutsche Bank , which gained 2.9 per cent.

The delay temporarily lifted some uncertainty hanging over the firms, who are expected to bear the brunt of fewer British holiday-makers travelling to Europe if a hard Brexit comes to pass.Irish stocks, which are especially sensitive to the fallout from a potential hard Brexit, tacked on 0.6 per cent.Basic resources stocks had a torrid day, ending 1.4 per cent lower, with a slide in copper prices on worries about a global slowdown in the backdrop.

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