Europe Markets: Airline stocks gain altitude as Europe plans to welcome more overseas tourists

By Jack Denton10 days ago

Airline stocks flew higher on Tuesday, as the European Union moved to welcome foreign tourists to the region, a sign that more normal travel and tourism conditions can resume as COVID-19 vaccinations become more widespread.

Shares in British Airways owner IAG IAG, +3.08%, Air France-KLM AF, +0.28%, Lufthansa LHA, +2.70%, Ryanair RYA, -0.09%, EasyJet EZJ, +3.09%, and Wizz Air WIZZ, +0.84% were among the major risers in European trading, as hopes rose for a recovery in the travel industry, which has been badly hit by the COVID-19 pandemic. Shares in major hotel groups Accor AC, +2.14% and InterContinental Hotels Group IHG, +0.82% also rose.

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On Monday, the executive branch of the EU recommended easing travel restrictions to allow tourists from more countries to enter the 27-member bloc.

Read more: EU proposes reopening external borders as vaccination campaigns pick up speed

Under the European Commissions proposal, people who have been fully vaccinated against COVID-19 with an EU-approved vaccine or who come from a country with a good epidemiological situation will be welcome to the region. The EU has approved vaccines from Pfizer PFE, +3.05%, Moderna MRNA, +4.03%, AstraZeneca AZN, +1.19%, and Johnson & Johnson JNJ, +1.52%.

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