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Europe: Travel firms propel stocks to strongest close in 11 weeks

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[BENGALURU] European shares closed at an 11-week high on Tuesday, with travel and leisure stocks soaring on hopes of a revival in tourism as countries gradually reopened after a months-long lockdown. Read more at The Business Times.

UK's FTSE 100 returned from a holiday to rise 1.2 per cent as Prime Minister Boris Johnson said Britain will reopen thousands of high street shops, department stores and shopping centres next month.

"We believe that the pro-cyclical market bias that we called for will have some legs, and build on itself in the next weeks," JPMorgan Cazenove analysts told clients. The Stoxx 600 has climbed 30 per cent from its mid-March lows, as hopes of further policy support and improving economic data fuelled hopes of a faster economic recovery from the novel coronavirus pandemic.

Paris-headquartered shopping centre operator Klepierre SA jumped 12.6 per cent after saying it had reopened 80 per cent of its European malls and hopes to reopen 90 per cent of them within 10 days.French President Emmanuel Macron said that measures announced to help the country's car industry were worth more than 8 billion euros in total.

 

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