European stocks had another productive week, especially in terms of travel stocks, after pharmaceutical company Pfizer received positive feedback on its COVID-19 antiviral pills.
Moreover, European stock STOXX 600 ended the week mysteriously, but collected 1.7 percent of the weekly gain for the fifth consecutive week of being green, TheSchengen.com reports.
Overall, European travel stocks rose 1.4 percent, especially after Pfizer conducted a trial of the efficacy of COVID-19 pills, which obviously can reduce the risk of contracting the virus by 89 percent.
The pill news also weighed on shares of the Swiss duty-free retailer Dufryby, which jumped 10.1 percent, marking the best market day in a year — since November 9, 2020, while AstraZeneca shares also tumbled.
“News out today from the US that Pfizer has developed a Covid-19 pill, which is 89% effective in preventing hospitalization, may affect AstraZeneca’s share price in one touch, but to a large extent it has sparked the airline and hospitality turbocharging,” he said. Michael Hewson, Chief Market Analyst at CMC Markets.
Similarly, the benchmark CAC 40 index in France on Friday reached the 7,000-point barrier for the first time, rising 0.8 percent. The blue-chip index, which represents well-known and financially stable companies in public circulation, was led by gains in the luxury group Kering, Hermes and L’Oreal that leads the personal care company.
Moreover, Germany’s DAX group saw a rebound after weeks of disinterested investors, putting Europe’s largest economy at risk.
In addition, the Polish e-commerce group, Allegro, decided to buy the Czech online retailer group for €881 million, which resulted in an increase of 10.6 percent and more gains in STOXX 600.
Spain’s CaixaBank also jumped 1.6 percent, after it claimed to have sold 9.92 percent entirely in Austrian bank Erste Group for 1.503 billion euros, in which case Erste added five percent.
Recently, the Travel Chiefs held a meeting where all tourism ministers came together and discussed travel and tourism investments for a more sustainable industry.
The Glasgow Summit on 2 November saw world leaders make their pledges to make tourism more climate-friendly.
“Rebalancing our relationship with nature is critical to renewing its ecological health and our personal, social and economic well-being. It is also important for tourism, which builds on and connects us with thriving ecosystems,” the leaders said in what is now known as the Glasgow Declaration on Climate Action on Tourism.
Furthermore, they also agreed that aligning and restoring the relationship with nature and humans is a key factor in the industry’s recovery from the ongoing COVID-19 pandemic.