Travel stocks lead Europe higher as US futures anticipate wave of tech gains

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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, + 4.21%, which was up 4%, and airlines Deutsche Lufthansa LHA, + 3.90%, and International Airlines Group IAG, + 3.84%. 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, -0.12% NQ00, -0.33% were slightly lower, ahead of a big week for tech gains and a Fed decision. The infrastructure spending package proposed by the President Joe Biden faces resistance in the Senate as Senator 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, + 6.87% rallied 7% after raising its earnings guidance and launching a share buyback program. Philips PHIA, -2.87% fell 3% as the company booked a € 250 million charge for a quality issue used in some of its sleep products along with a target of increased sales growth. Food and beverage ingredient supplier Tate & Lyle TATE, + 6.39% 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.