European Shares Rise as Travel Stocks Rebound


July 16 Reuters European stocks rose on Friday after travel stocks rebounded from sharp losses posted earlier this week, while a batch of upbeat earnings reports overshadowed concerns about rising cases of Delta variant in the continent.

The panEuropean STOXX 600 index rose 0.3 by 0722 GMT, putting it on course end the week flat to slightly lower. Travel and retail were the top gainers among sectors.

Among earnings, Swedbank rose 3.4 after it reported a betterthanexpected profit amid a booming mortgage market and record levels of commission income.

Cartier maker Richemont was up 1 as quarterly constantcurrency sales more than doubled, lifted by a strong performance in the Americas from its jewellery brands.

Swedens Ericsson slid 9.4 after it reported secondquarter core earnings below market estimates, hit by a decline in sales in mainland China.

UKs FTSE 100 and midcap stocks gained 0.5 each after a sharp losses earlier this week, with more pandemic restrictions set to be lifted on Monday.

Reporting by Sruthi Shankar in Bengaluru; editing by Uttaresh.V

Source Reuters

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