Travel stocks led the way to the upside for European stocks on Monday after a key official said transatlantic travel could resume soon. After a 0.8% drop last week, the biggest drop since the period ending February 26, the Stoxx Europe 600 SXXP, + 0.03% was up 0.2%.
Winners included aircraft engine maker Rolls-Royce RR, + 4.05%, which was up 4%, and airlines Deutsche Lufthansa LHA, + 3.45% and International Airlines Group IAG, + 3.72%. European Commission President Ursula von der Leyen said fully vaccinated Americans should be able to travel to Europe during the summer. US stock futures ES00, -0.10% NQ00, -0.30% were slightly lower, ahead of a big week for tech gains and a Fed decision. The infrastructure spending package proposed by President Joe Biden faces resistance in the Senate, as Sen. Joe Manchin, a key Democrat, said he only supports passage of a Republican-backed bill. The stock market was unaffected by a 0.2 point weaker increase in the Ifo business climate index for Germany. Also on the move, UK engineering group IMI IMI, + 7.30% rallied 7% after raising its earnings guidance and launching a share buyback program. Philips PHIA, -3.07% fell 3% as the company booked a € 250 million charge for a quality issue used in some of its sleep products in conjunction with a target of increased sales. Food and beverage ingredient supplier Tate & Lyle TATE, + 6.47% increased 6% as it said it is in the process of selling a controlling stake in its primary product businesses. That followed a report in the Sunday Telegraph that said it started a £ 1.2bn auction for the division, which makes artificial sweeteners.