European travel stocks up as hopes rise of China easing COVID rules
30/11/2022 09:48
** European travel stocks jump amid rising optimism over a
potential relaxation of COVID-19 related rules in China
** The European travel and leisure index .SXTP is up 1.1%,
with German tourism group TUI TUIGn.DE climbing 1.4% while
Intercontinental Hotels IHG.L and Premier Inn owner Whitbread
WTB.L rise around 1.1%
** Guangzhou has relaxed some of COVID-19 related
restrictions after the number of infections in the city
diminished
** "...as China reopens travel sector will benefit as
airlines have already said that they have seen a pick up
everywhere else," a trader says
** "...haul carriers like Air France will be a key
beneficiary, as would IAG and LHAG," the trader adds
** Air France AIRF.PA is up 1%, British Airways owner IAG
ICAG.L rises 0.6% and Lufthansa LHAG.DE edges up 0.4%
** The index rise is also driven by online casino and gaming
stocks, as Kindred KINDsdb.ST , Evolution EVOG.ST , La
Francaise des Jeux FDJ.PA and Flutter FLTRF.L rise 1.4%-2.5%
(Reporting by Boleslaw Lasocki)
((boleslaw.lasocki@tr.com))