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: Travel stocks lead Europe higher as U.S. futures drift ahead of tech earnings wave

0

Travel stocks led the way higher for European stocks on Monday after a key official said transatlantic travel may soon resume.

Coming off a 0.8% drop last week — the biggest decline since the period ending Feb. 26 — the Stoxx Europe 600
SXXP,
+0.03%

edged up 0.2%.

Gainers included aircraft engine maker Rolls-Royce
RR,
+4.54%
,
which rose 4%, and airlines Deutsche Lufthansa
LHA,
+3.57%

and International Airlines Group
IAG,
+4.02%
.
European Commission President Ursula von der Leyen said fully vaccinated Americans should be able to travel to Europe over the summer.

U.S. stock futures
ES00,
-0.08%

NQ00,
-0.30%

were a touch lower, ahead of a big week for tech earnings and a Fed decision. President Joe Biden’s proposed infrastructure spending package faces resistance in the Senate as Sen. Joe Manchin, a key Democrat, said he only supports passing a bill with Republican support.

The stock market was unbothered by a weaker-than-forecast 0.2-point rise in the Ifo business climate index for Germany.

Also on the move, U.K. engineering group IMI
IMI,
+7.44%

rallied 7% after lifting its earnings guidance and launching a stock buyback program.

Philips
PHIA,
-3.29%

fell 3% as the company booked a €250 million charge for a quality issue used in some of its sleep products alongside an increased sales growth target.

Food-and-drink ingredients supplier Tate & Lyle
TATE,
+6.39%

jumped 6% as it said it is in the process of selling a controlling stake in its primary products businesses. That followed a report in the Sunday Telegraph which said it’s begun a £1.2 billion auction for the division, which makes artificial sweeteners.

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