Travel stocks drag Europe lower, inflation woes mount

Reuters | Updated: 14-07-2021 13:18 IST | Created: 14-07-2021 12:58 IST
Travel stocks drag Europe lower, inflation woes mount
Representative Image
  • Country:
  • United Kingdom

European stocks slipped from peaks on Wednesday, as the global mood soured on increasing concerns about inflation, while travel stocks dropped on worries about the Delta variant's spread in the continent.

The pan-European STOXX 600 index fell 0.2% by 0708 GMT. Travel & leisure slid almost 1%, with shares in travel firm Tui declining 4.2%. UK's FTSE 100 slipped 0.4% on a stronger pound after data showed British inflation jumped further above the Bank of England's target in June.

Markets were already jittery after data on Tuesday showed U.S. inflation ran hotter than expected in June, leading many traders to price in faster U.S. interest rate hikes. Swedish telecoms operator Tele2 gained 3.7% after it reported a rise of 8% in quarterly core earnings, helped by cost savings and less headwinds related to the pandemic. nL4N2OP3PI

German fashion house Hugo Boss rose 4.4% after it forecast its revenue to grow by 30% to 35% this year.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

Give Feedback