European shares extend recovery; travel stocks gain

  • 8/24/2021
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(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window) Aug 24 (Reuters) - European stocks extended their recovery on Tuesday after a full U.S. approval of a COVID-19 vaccine boosted Wall Street to record highs, while latest data showed a stronger-than-expected economic recovery in Germany. The pan-European STOXX 600 index rose 0.3% by 0711 GMT after last week’s sell-off knocked it lower by 3% from its record highs. Travel and leisure, technology and mining stocks were the top gainers, up between 0.9% and 1.2%. Wall Street’s Nasdaq reached an all-time closing high after U.S. health regulators granted full approval to the COVID-19 vaccine developed by Pfizer Inc and BioNTech SE in a move that could accelerate U.S. inoculations. Meanwhile, data showed Germany’s gross domestic product grew by 1.6% on the quarter from April to June, slightly up from its previous estimate of 1.5% as private consumption and state spending helped. Marks and Spencer Group rose 3.1% to the top of the STOXX 600 after Berenberg and Credit Suisse raised their price targets on the company’s stock. (Reporting by Sruthi Shankar in Bengaluru; Editing by Shounak Dasgupta) Our Standards: The Thomson Reuters Trust Principles.

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