Second wave fears in Europe roil travel stocks

Second wave fears in Europe roil travel stocks

Shares of the European travel sector sank Monday morning as investors grew anxious over a rise in coronavirus cases in the region.

The sixteen top travel and leisure stocks in Europe fell more than 3% in the first hour of trading, with Tui, easyJet and International Airlines Group “” the owner of Iberia and British Airways “” all down by around 10%.

Investors are worried about a recent jump in infections in certain European regions and the subsequent implications for travel. Spain, for instance, has seen a spike in new cases since July 15. According to Reuters, which cited health ministry data, new infections have come in above 900 in recent days, a level not seen since the country reopened its economy in late May.

The U.K. government surprised many tourists over the weekend with the decision to remove Spain from the list of countries exempted from quarantine upon arrival in England. This came after the regions of Catalonia, Aragon, Madrid and Pais Vasco saw a spike in the number of Covid-19 cases. The Spanish government has said the regional outbreaks are under control and the country is safe for Spaniards and visiting tourists.

A second wave of Covid-19 cases across Europe in late autumn...is