Economic news

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 pan-European 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 better-than-expected profit amid a booming mortgage market and record levels of commission income.

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

Sweden’s Ericsson slid 9.4% after it reported second-quarter core earnings below market estimates, hit by a decline in sales in mainland China.

UK’s 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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