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July 9, 2021

European stocks rose on Friday as investors hunted for bargains after one of the worst selloffs this year amid worries about a stuttering global economic recovery.

 

The pan-European STOXX 600 index gained 0.8% by 0717 GMT, with sectors that took a hit from this week’s plunge — like automakers and miners — rising the most.

Still, the benchmark was on course to record a 0.4% weekly loss after a fresh jump in COVID-19 cases, particularly in Asia, and a rally in bond markets hit appetite for risky assets.

 

British Airways owner IAG, EasyJet and Ryanair rose between 1% and 2.6% as Britain planned to scrap quarantine for fully-vaccinated arrivals from other countries in the coming weeks.

French planemaker Airbus gained 2.5% after it reported a 52% jump in deliveries in the first half of the year.

British luxury goods group Burberry rose 2.7% after Goldman Sachs upgraded the stock to “buy”, while Italian rival Salvatore Ferragamo slipped 1.0% after the U.S. bank downgraded it to “sell”. (Reporting by Sruthi Shankar in Bengaluru; editing by Uttaresh.V)







Source: Reuters
Image Source: Getty Images