Home > World > Travel stocks drag Europe lower after fresh UK quarantine rule

Travel stocks drag Europe lower after fresh UK quarantine rule

Written by Business World, on 14th Aug 2020. Posted in World

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European shares fell on Friday as travel stocks took a hit after Britain added more European countries to its quarantine list, while disappointing retail sales data from China raised doubts over the pace of economic recovery.

The pan-European STOXX 600 was down 0.8% by 0713 GMT, but was on course to notch gains for a second straight week.

Travel and leisure stocks dropped 2.1%, with UK-based airlines and tour operators such as TUI , Easyjet, British Airways-owner IAG falling between 3.5% and 5.5%.

French shares fell 1.0%, with Air France KLM dropping 3.8%.

The United Kingdom decided to impose a 14-day quarantine on arrivals from France, beginning Saturday, and added the Netherlands, Malta and three other countries to the list.

Meanwhile, global markets were sluggish as China's retail sales showed a surprise drop in July, while the factory sector's recovery struggled to pick up pace, dimming prospects of speedy rebound from the coronavirus crisis. (Reuters)

Source: www.businessworld.ie

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