European shares rise thanks to airline stocks

US, WASHINGTON (ORDO NEWS) — European stocks rose early on Thursday after a drop in coronavirus deaths in Spain and Italy, while optimistic statements from two major low-cost airlines pushed the tourism sector up.

Recent data from two European outbreak epicenters reinforced the hope that the pandemic may be moving into the plateau phase in some countries, with the result that the pan-European STOXX 600 index rose 1.2% to 10.31 GMT.

British low-cost airline easyJet rallied 8.3% after the company said it hopes to cope with a long suspension of flights thanks to steps taken to maintain its financial position. The travel sector grew 2.6% after this announcement.

A larger rival, Ryanair, told Reuters on Wednesday that it is preparing for a price war, which it expects to win as soon as the restrictions due to the coronavirus are lifted and people start traveling again.

Papers of German online clothing retailer Zalando also rose nearly 6%, as the company said it was optimistic about the second quarter after sales recovered in April.

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