European shares set for weekly gains as travel stocks soar


(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)

Sept 17 (Reuters) – European stocks were on track for weekly gains on Friday as news that Britain was mulling easing travel restrictions boosted airlines and hotel groups, while a rebound in luxury stocks also supported the main indexes.

The pan-European STOXX 600 index rose 0.7% by 0711 GMT and was set for a 0.6% weekly gain after worries about global growth dented markets earlier in the week.

After closing up 3.4% on Thursday in one of the best single-day performances this year, the European travel and leisure index added 1.0%.

Wizz Air, British-Airways-owner IAG and InterContinental Hotels rose between 1.2% and 4.0% after Britain considered easing England’s COVID-19 rules for international travel.

Retailers and banks were among the other top sectoral gainers, up more than 1% each.

Germany’s Commerzbank climbed 3.9% after a Handelsblatt report said U.S. investor Cerberus was considering taking a 15.6% state in the bank after the federal election. (Reporting by Sruthi Shankar in Bengaluru; Editing by Shounak Dasgupta)

Source link