stocks

European Stocks Climb to 11-Week High Boosted by Travel Sector

(Bloomberg) —

European stocks rose to their highest level in the current rebound, on optimism over economies reopening in some parts of the world and hopes for a vaccine to fight the coronavirus.

The Stoxx Europe 600 Index rose 1.1% to its highest close since early March. Travel and leisure shares rallied, led by a 52% surge in TUI AG, after a report that Germany plans to lift transport warnings, adding to optimism about tourism restarting in Europe. The FTSE 100 Index gained 1.2%, while the more domestic-focused FTSE 250 Index climbed 3.3% as the U.K. market reopened after a holiday yesterday.

Stocks are rising after Japan ended its state of emergency everywhere in the country, while Britain’s government outlined plans to reopen outdoor markets and car showrooms starting June, followed by non-essential outlets later in the month. Adding to investor optimism, Novavax Inc. began human testing of its coronavirus

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European stocks rack up hefty gains as cyclicals rally

By Sruthi Shankar

(Reuters) – European stocks racked up their best week in two months on Friday, with investors scooping up battered shares of banks, automakers and travel companies amid growing signs that the pandemic-hit global economy is recovering.

The pan-European STOXX 600 <.STOXX> ended the day 2.5% higher, getting an afternoon boost from data that showed U.S. economy unexpectedly added jobs in May after suffering record losses the prior month.

Euro zone blue chip stocks <.STOXXE> jumped 3.8% and the bloc’s lenders <.SX7E> rallied 7.6% for their best weekly gain since 2008’s global financial crisis.

Risky assets across the world have been lifted this week as economies continued to emerge from their lockdowns, while a bigger-than-expected stimulus package from the European Central Bank and hopes for European-Union wide fiscal action gave a further boost to the continent’s markets.

Growth-sensitive cyclical sectors that have suffered badly during the coronavirus crisis,

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