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European shares set for weekly gains as travel stocks soar By Reuters

by Mike Robinson

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© Reuters. The graph for the German share price index DAX can be seen at Frankfurt Stock Exchange, Germany on September 16, 2021. REUTERS/Staff

(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 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.

The European leisure and travel index gained 1.0% on Thursday, closing at 3.4%. This was one of the strongest single-day performances in this year’s history.

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

Banks and retailers were the top sectors that saw gains of more than 1 percent each.

Commerzbank, Germany (DE) gained 3.9% in response to a Handelsblatt Report that stated U.S. investment Cerberus might take a 15.6% stake after the federal elections.

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