European actions at the highest level in 7 weeks, with the brilliance of travel and tourism companies

European equities closed on Monday at their highest levels in more than 7 weeks, as a jump in shares of travel and tech companies helped offset the decline in shares of luxury companies affected by the Chinese market.

The pan-European Stoxx 600 index rose 0.3%, consolidating its gains after rising for the third straight week.

Rise in shares of Flutter Entertainment and Ryanair by 4.2% and 3.8% respectively pushed European travel and tourism company shares to the highest level in nearly three months. The sector index closed in rise of 1.6%.

Shares of European luxury companies, including LVMH, Pernod Ricard and Hermes International, fell between 0.7 and 1.5 percent.

There are prove contrasting that the COVID block is over in China. As Chinese health officials over the weekend reaffirmed their commitment to strict COVID-19 blockades, Chinese leaders are considering loosening the stiff restrictions. in been in force for nearly three years.

Monday’s survey showed investor sentiment in the euro zone improved in November, reflecting hopes that milder temperatures and lower energy prices will avoid the need to rationalize gas consumption on the continent this winter.

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