European Shares on Track For Weekly Gains

European shares rose on Friday, September 17, heading for weekly gains, as news that Britain is considering easing travel restrictions boosted shares of airlines and hotel groups, and a rebound in luxury goods stocks supported major indexes.

By 0711 GMT, the pan-European Stoxx 600 index increased 0.7%, on track to achieve a weekly rise of 0.6%, after concerns about global growth affected markets earlier in the week.

The European travel and leisure sector index rose 1% after closing 3.4% higher on Thursday, in one of the best daily gains this year.

Wizz Air and IAG, owned by British Airways and Intercontinental Hotels, rose between 1.2 and 4.0% after Britain considered easing international travel restrictions for Covid-19.

The retail and banking sectors were among the biggest gainers, each gaining more than 1%.

Germany’s Commerzbank rose 3.9% after a report in the Handelsblatt newspaper said US investment firm Cerberus was considering acquiring 15.6% of the bank after the federal election.