image credit: Unsplash

European travel stocks are still nowhere near their pre-coronavirus levels

July 1, 2020


European travel and leisure stocks have rebounded in recent weeks but still have a long way to go before returning to pre-crisis levels.

The Stoxx 600 travel and leisure sector, which covers 16 companies, sank 42% in the first quarter of 2020. This was on the back of lockdown measures across Europe and wider travel restrictions to contain Covid-19. In comparison, the sector gained 6% in the second quarter of 2020.

“You’re going to struggle here to see a linear recovery,” Mark Manduca, a travel and leisure analyst at Citigroup, told CNBC Monday.

Read More on CNBC