European shares set for weekly gains as travel stocks soar

European stocks were on track for weekly gains on Friday as news that Britain was mulling easing travel restrictions boosted airlines and hotel groups, while a rebound in luxury stocks also supported the main indexes.

The pan-European STOXX 600 index rose 0.7% by 0711 GMT and was set for a 0.6% weekly gain after worries about global growth dented markets earlier in the week.

After closing up 3.4% on Thursday in one of the best single-day performances this year, the European travel and leisure index added 1.0%.


Wizz Air, British-Airways-owner IAG and InterContinental Hotels rose between 1.2% and 4.0% after Britain considered easing England's COVID-19 rules for international travel.

Retailers and banks were among the other top sectoral gainers, up more than 1% each.

Germany's Commerzbank climbed 3.9% after a Handelsblatt report said U.S. investor Cerberus was considering taking a 15.6% state in the bank after the federal election.