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(Reuters) - European stocks ended lower on Friday, closing out another lacklustre week as business activity in the euro zone shrank in January after stringent lockdowns to control the coronavirus pandemic shuttered many businesses.
FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, January 20, 2021. REUTERS/Staff
The pan-European STOXX 600 index fell 0.6%, but clung to a small 0.2% rise for a week, dominated by hopes for massive U.S. stimulus under President Joe Biden.
Travel and leisure stocks fell 2.5%, leading declines among sectors amid concerns over fresh travel restrictions in Europe. Other economically sensitive sectors like banks, oil & gas and mining shed more than 1%.
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[BENGALURU] European stocks closed higher on Thursday as a bounce in Wall Street stocks, gains in airlines and upbeat earnings reports drove a reversal of early losses across markets. Read more at The Business Times.
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(Reuters) - European stocks closed higher on Thursday as a bounce in Wall Street stocks, gains in airlines and upbeat earnings reports drove a reversal of early losses across markets.
FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, January 26, 2021. REUTERS/Staff
After falling as much as 2% in morning trade, the pan-European STOXX 600 rose 0.1% by the close, leaving the benchmark with small gains for the year.
The German DAX gained 0.3%, France’s CAC 40 was up 0.9% and Britain’s exporter-heavy FTSE fell 0.6%, coming under pressure from a rise in the pound.
What to watch: EasyJet and Wizz air revenues plummet, global stocks sell-off, and Diageo hikes divi Oscar Williams-Grut
Here are the top business, market, and economic stories you should be watching today in the UK, Europe, and abroad:
EasyJet and Wizz air revenue plummets
Airline stocks are under pressure after dreadful numbers from EasyJet (EZJ.L) and Wizz Air (WIZZ.L).
EasyJet said revenue was down 88% in the three months to 31 December, while passenger numbers fell by 87%. The airline is burning £40m a week even after cutting 1,400 jobs. EasyJet warned it expects to fly “no more” than 10% of its capacity in the first three months of 2021. Shares sunk 2%.