European shares rise on Evergrande relief, gains in travel & leisure

European stocks rose on Wednesday, recovering from its early-week losses after debt-laden China Evergrande said it would make some interest payments, while travel and leisure stocks jumped to a 14-week high. Evergrande's Frankfurt-listed shares jumped 15.1% after hitting multi-year lows in the previous session.

European stocks rose on Wednesday, recovering from their early-week losses after debt-laden China Evergrande said it would make some interest payments, while travel and leisure stocks jumped to a 14-week high.

Evergrande's Frankfurt-listed shares jumped 15.1% after hitting multi-year lows in the previous session. The property developer said it would make a coupon payment on its domestic bonds, offering relief to investors worried about the fallout of its financial troubles.

Boosting the travel & leisure index, Entain jumped 8.2% to a life high after the UK gambling firm revealed a $22.4 billion takeover proposal from Boston-based DraftKings. The pan-European STOXX 600 rose 0.8% by 0720 GMT, extending Tuesday's bounce with commodity-linked stocks also in the lead.

Deutsche Post fell 2.3% after U.S. delivery firm FedEx Corp cut its full-year forecast after labor shortages crimped earnings and slowed packages.