European shares climbed on Thursday on a boost from luxury stocks after LVMH posted upbeat first-quarter sales, while hopes of a pause in the Federal Reserve’s rate hikes after signs of cooling US inflation also aided sentiment. The pan-European Stoxx 600 rose 0.4 per cent, while the blue-chip index gained 0.5 per cent, inching closer to its highest level in 22 years hit on Wednesday. European stocks have more than recouped last month’s declines with gains of 1.4 per cent so far, outperforming the benchmark S&P 500 index on Wall Street, amid ebbing fears of a steep recession in the…