By Steve Goldstein
Travel stocks led the way higher for European stocks on Monday after a key official said transatlantic travel may soon resume.
Coming off a 0.8% drop last week — the biggest decline since the period ending Feb. 26 — the Stoxx Europe 600 /zigman2/quotes/210599654/delayed XX:SXXP +1.28% edged up 0.2%.
Gainers included aircraft engine maker Rolls-Royce /zigman2/quotes/203646520/delayed UK:RR +3.84% , which rose 4%, and airlines Deutsche Lufthansa /zigman2/quotes/201210530/delayed XE:LHA +7.09% and International Airlines Group /zigman2/quotes/208070069/delayed UK:IAG +8.08% . European Commission President Ursula von der Leyen said fully vaccinated Americans should be able to travel to Europe over the summer .
U.S. stock futures /zigman2/quotes/209948968/delayed ES00 +0.20% /zigman2/quotes/210219788/delayed NQ00 +0.08% were a touch lower, ahead of a big week for tech earnings and a Fed decision. President Joe Biden’s proposed infrastructure spending package faces resistance in the Senate as Sen. Joe Manchin, a key Democrat, said he only supports passing a bill with Republican support.
The stock market was unbothered by a weaker-than-forecast 0.2-point rise in the Ifo business climate index for Germany.
Also on the move, U.K. engineering group IMI /zigman2/quotes/203470444/delayed UK:IMI +0.74% rallied 7% after lifting its earnings guidance and launching a stock buyback program.
Philips /zigman2/quotes/204604645/delayed NL:PHIA +2.00% fell 3% as the company booked a €250 million charge for a quality issue used in some of its sleep products alongside an increased sales growth target.
Food-and-drink ingredients supplier Tate & Lyle /zigman2/quotes/205109332/delayed UK:TATE +2.01% jumped 6% as it said it is in the process of selling a controlling stake in its primary products businesses. That followed a report in the Sunday Telegraph which said it’s begun a £1.2 billion auction for the division, which makes artificial sweeteners.