European flight activity, energy consumption on rise - Jefferies

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14/04/2022 14:30

** As Jefferies assesses European economy activity in the
past week, it notes an increase in congestion, flight activity
and energy consumption but a slight decline in hiring
    ** The brokerage says congestion levels and flight numbers
went up and are at 91% and 69%, respectively, of pre-COVID-19
levels, while energy consumption rose 3 percentage points (ppts)
to 103%
    ** It adds, however, that hiring activity inched down to 89%
and its e-commerce index remained flat at 87%, despite web
traffic to grocery sites being at 115% of pre-COVID levels
    ** Accommodation site visits were on the rise at 97% of
normal observable levels, Jefferies says, but property sites saw
 1ppt lower traffic, at 121% of pre-COVID levels
    ** Among the "Big Four", it flags stability in activity in
Germany and Spain, a drop in France on lower energy consumption
and an uptick in Italy on increased congestion
    ** In its view, payments group Nexi  NEXII.MI  is a key
beneficiary of an acceleration in digital payments in Italy and
Central Europe, as the region's economy recovers
    ** Spain's Inditex  ITX.MC  is among the brokerage's
preferred plays in European retail, with recent months showing
that the group emerges even stronger from the pandemic
    ** Jefferies also says that German About You  YOUG.DE  is
gaining momentum as a fashion e-commerce platform across 26
European markets, boosted by coronavirus tailwinds

 (Reporting by Juliette Portala)
 ((juliette.portala@tr.com))