Travel stocks drag Europe lower after fresh UK quarantine rule
Reuters
Published Aug 14, 2020 08:26
(Reuters) - 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 (STOXX) was down 0.8% by 0713 GMT, but was on course to notch gains for a second straight week.
Travel and leisure stocks (SXTP) dropped 2.1%, with UK-based airlines and tour operators such as TUI (DE:TUIGn) (L:TUIT), Easyjet (L:EZL), British Airways-owner IAG (L:ICAG) falling between 3.5% and 5.5%.
French shares (FCHI) fell 1.0%, with Air France KLM (PA:AIRF) 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.
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Written By: Reuters
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