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Monday, November 16, 2015 2:12:32 PM
Billions wiped off travel shares after Paris attacks, overall market steady
European shares held steady on Monday, supported by gains in the energy sector that helped offset a slump in travel stocks following Friday's militant attacks in Paris.
Energy shares outpaced the broader market, buoyed by the prospect of higher oil prices following stepped-up French air strikes on Islamic State targets in Syria.
French shares slightly underperformed when markets reopened for the first time since the coordinated suicide bombings and shootings by Islamist militants that killed 129 people.
Around 2.3 billion euros ($2.46 billion) were wiped off the STOXX 60 Travel & Leisure index amid fears that the sector could be harmed by a loss of consumer confidence.
Shares in French hotel group Accor fell 4.7 percent, Air France fell 5.7 percent while shares in Eurotunnel and Aeroports de Paris, the operator of Paris' Charles de Gaulle and Orly airports, were down over 3.8 percent.
Luxury stocks were also under pressure. Hermes, LVMH and Kering, which get a large part of their sales from foreign tourists in Paris, were down 0.7-1.4 percent.
"Paris is one of the most important cities worldwide in terms of luxury spending and the timing (of the attacks) is not good too -- a few weeks before Christmas, the most important period for retailers," said Gregoire Laverne, fund manager at Roche Brune Asset Management.
http://www.reuters.com/article/2015/11/16/europe-stocks-idUSL8N13B4I320151116
AAL DAL JBLU LUV UAL
!
European shares held steady on Monday, supported by gains in the energy sector that helped offset a slump in travel stocks following Friday's militant attacks in Paris.
Energy shares outpaced the broader market, buoyed by the prospect of higher oil prices following stepped-up French air strikes on Islamic State targets in Syria.
French shares slightly underperformed when markets reopened for the first time since the coordinated suicide bombings and shootings by Islamist militants that killed 129 people.
Around 2.3 billion euros ($2.46 billion) were wiped off the STOXX 60 Travel & Leisure index amid fears that the sector could be harmed by a loss of consumer confidence.
Shares in French hotel group Accor fell 4.7 percent, Air France fell 5.7 percent while shares in Eurotunnel and Aeroports de Paris, the operator of Paris' Charles de Gaulle and Orly airports, were down over 3.8 percent.
Luxury stocks were also under pressure. Hermes, LVMH and Kering, which get a large part of their sales from foreign tourists in Paris, were down 0.7-1.4 percent.
"Paris is one of the most important cities worldwide in terms of luxury spending and the timing (of the attacks) is not good too -- a few weeks before Christmas, the most important period for retailers," said Gregoire Laverne, fund manager at Roche Brune Asset Management.
http://www.reuters.com/article/2015/11/16/europe-stocks-idUSL8N13B4I320151116
AAL DAL JBLU LUV UAL
!
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