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European shares rise on Evergrande relief, gains in travel & leisure By Reuters

by Mike Robinson

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© Reuters. The graph of the German share price index DAX is pictured at Frankfurt’s stock exchange on September 21, 2021. REUTERS/Staff

(Reuters) – European stocks rose on Wednesday, recovering from its early-week losses after debt-laden China Evergrande said it would make some interest payments, while travel and leisure stocks jumped to a 14-week high.

Evergrande’s Frankfurt listed shares rose 15.1% following a multi-year-old low in the prior session.

According to the property developer, it will make a coupon payment for its domestic bonds. This is a relief for investors who are worried about its financial woes.

Boosting the travel & leisure index, Entain jumped 8.2% to a life high after the UK gambling firm revealed a $22.4 billion takeover proposal from Boston-based DraftKings (NASDAQ:).

The pan-European rose 0.8% by 0720 GMT, extending Tuesday’s bounce with commodity-linked stocks also in the lead.

Deutsche Post (OTC) dropped 2.3% following a cut by FedEx Corp (NYSE) its full-year outlook after US delivery company FedEx Corp (NYSE) reduced earnings estimates and slowing packages.

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