Travel, real estate stocks take European shares to fresh peaks

SourceArab News
SectorReal Estate
CountryMiddle east

BENGALURU: European stocks hit new highs on Tuesday, lifted by travel and real estate shares, but weak German industrial output data and doubts over the UK lifting restrictions later this month capped gains. The pan-European STOXX 600 index was flat after notching a record high earlier, with sectors considered more stable such as real estate and telecoms leading the gains. The travel and leisure index rose 0.7 percent, supported largely by gains in low-cost carrier easyJet after Goldman Sachs upgraded the stock to “buy.” Data showed German industrial output fell unexpectedly in April, in a further sign that semiconductor shortages and other supply bottlenecks are hampering the recovery in Europe’s largest economy.

Automakers fell 0.5 percent after a six-day rally that took the index close to its record peak. “I think it says more about the supply constraints. The big question is how long will these remain,” said Teeuwe Mevissen, senior market economist at Rabobank. “Markets are in a wait-and-see...read more...