European stocks climbed for a fifth day after Greek creditors agreed to extend the nation™s bailout funds.

The Stoxx Europe 600 Index added 0.7 percent to 385.08 at the close in London. The FTSE 100 Index surpassed a record close in intraday trading before falling as much as 0.4 percent as lower-than-projected profit at HSBC Holdings Plc dragged the stock lower. The U.K. gauge ended little changed.

The Stoxx 600 reached its highest level since October 2007 after advancing for a third week, the longest stretch since the start of December, on optimism Greece and its creditors would agree on a deal. The nation™s bailout terms were extended by four months, and Greece needs to complete by the end of the day a list of policies in return for the continued funding. Finance chiefs will then decide whether the proposals go far enough or trigger another round of emergency negotiations this week.

The nation™s ASE Index slipped 4.5 percent last week. The Greek market was closed on Monday for a holiday. Ireland™s ISEQ Index, the Dutch AEX Index and the OMX Copenhagen 20 Index climbed the most among 18 western-European markets on Monday.

Source: Bloomberg