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July 12, 2021, 5:07 a.m. EDT

European aviation sector slammed by EU tax worries

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By Steve Goldstein

Worries about new taxes on aircraft fuel sent the sector lower on Monday.

Aircraft maker Airbus /zigman2/quotes/208224336/delayed FR:AIR +3.24% slipped 2%, engine maker Rolls-Royce /zigman2/quotes/203646520/delayed UK:RR +2.97% fell 4%, and Wizz Air /zigman2/quotes/210449062/delayed UK:WIZZ +7.02% shares declined 3%, as the Financial Times reported that the European Union is due to propose taxes on aviation kerosene for the first time. The proposal suggests increasing minimum rates on fuels used in the aviation and shipping industries over a period of 10 years, the report said.

It was just another piece of bad news for a sector struggling to get over the impact of coronavirus. Germany and France on Friday warned their citizens against traveling to Spain, and the Netherlands reintroduced restrictions on restaurants, bars and nightlife only two weeks after relaxing them.

The broader Stoxx Europe 600 /zigman2/quotes/210599654/delayed XX:SXXP +1.71% slipped 0.1%, after edging up 0.2% last week.

U.S. stock futures /zigman2/quotes/209948968/delayed ES00 +0.63% were lower, after the S&P 500 /zigman2/quotes/210599714/realtime SPX -1.18% ended at a record on Friday, while Asian stocks rallied in their first response to China’s cutting reserve requirements for banks.

Information-technology services group Atos /zigman2/quotes/202384354/delayed FR:ATO +1.14% lost 13%, after cutting its revenue and margin targets for the year as it also announced plans to cut 1,300 jobs in Germany.

The Daily Mail & General Trust /zigman2/quotes/206568132/delayed UK:DMGT -0.74% rose 3%, after saying its controlling shareholder might buy out the newspaper publisher if two other deals — the sale of its insurance-risk division, and the acquisition of 20% held car retailer Cazoo Holdings — are completed.

Tate & Lyle /zigman2/quotes/205109332/delayed UK:TATE +0.35% shares rose 2%, after agreeing a deal to sell 50% of its sweetener-making primary products division in North America and Latin America to KPS Capital Partners for $1.3 billion.

/zigman2/quotes/208224336/delayed
FR : France: Euronext Paris
101.92
+3.20 +3.24%
Volume: 2.06M
Dec. 1, 2021 5:37p
P/E Ratio
19.10
Dividend Yield
0.00%
Market Cap
€77.58 billion
Rev. per Employee
€379,995
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/zigman2/quotes/203646520/delayed
UK : U.K.: London
126.14 p
+3.64 +2.97%
Volume: 35.76M
Dec. 1, 2021 4:35p
P/E Ratio
4.03
Dividend Yield
N/A
Market Cap
£10.25 billion
Rev. per Employee
£245,311
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/zigman2/quotes/210449062/delayed
UK : U.K.: London
4,223.00 p
+277.00 +7.02%
Volume: 573,525
Dec. 1, 2021 4:35p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
£4.07 billion
Rev. per Employee
£166,524
loading...
/zigman2/quotes/210599654/delayed
XX : STOXX
470.86
+7.90 +1.71%
Volume: 0.00
Dec. 1, 2021 11:03p
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/zigman2/quotes/209948968/delayed
US : U.S.: CME
$ 4,536.75
+28.25 +0.63%
Volume: 107,408
Dec. 1, 2021 10:47p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,513.04
-53.96 -1.18%
Volume: 3.04B
Dec. 1, 2021 5:04p
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/zigman2/quotes/202384354/delayed
FR : France: Euronext Paris
38.23
+0.43 +1.14%
Volume: 971,875
Dec. 1, 2021 5:39p
P/E Ratio
45.29
Dividend Yield
2.35%
Market Cap
€4.18 billion
Rev. per Employee
€107,067
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/zigman2/quotes/206568132/delayed
UK : U.K.: London
1,074.00 p
-8.00 -0.74%
Volume: 134,892
Dec. 1, 2021 4:35p
P/E Ratio
27.23
Dividend Yield
2.32%
Market Cap
£2.23 billion
Rev. per Employee
£219,460
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/zigman2/quotes/205109332/delayed
UK : U.K.: London
631.60 p
+2.20 +0.35%
Volume: 1.08M
Dec. 1, 2021 4:35p
P/E Ratio
13.37
Dividend Yield
4.91%
Market Cap
£2.92 billion
Rev. per Employee
£632,065
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