Travel stocks led the way higher for European stocks on Monday after a key official said transatlantic travel may soon resume.
Coming off a 0.8% drop last week — the biggest decline since the period ending Feb. 26 — the Stoxx Europe 600
SXXP,
edged up 0.2%.
Gainers included aircraft engine maker Rolls-Royce
RR,
which rose 4%, and airlines Deutsche Lufthansa
LHA,
and International Airlines Group
IAG,
European Commission President Ursula von der Leyen said fully vaccinated Americans should be able to travel to Europe over the summer.
U.S. stock futures
ES00,
NQ00,
were a touch lower, ahead of a big week for tech earnings and a Fed decision. President Joe Biden’s proposed infrastructure spending package faces resistance in the Senate as Sen. Joe Manchin, a key Democrat, said he only supports passing a bill with Republican support.
The stock market was unbothered by a weaker-than-forecast 0.2-point rise in the Ifo business climate index for Germany.
Also on the move, U.K. engineering group IMI
IMI,
rallied 7% after lifting its earnings guidance and launching a stock buyback program.
Philips
PHIA,
fell 3% as the company booked a €250 million charge for a quality issue used in some of its sleep products alongside an increased sales growth target.
Food-and-drink ingredients supplier Tate & Lyle
TATE,
jumped 6% as it said it is in the process of selling a controlling stake in its primary products businesses. That followed a report in the Sunday Telegraph which said it’s begun a £1.2 billion auction for the division, which makes artificial sweeteners.
