Europe: Shares extend recovery; travel stocks gain

[BENGALURU] European stocks extended their recovery on Tuesday after a full US approval of a Covid-19 vaccine boosted Wall Street to record highs, while latest data showed a stronger-than-expected economic recovery in Germany.

The pan-European Stoxx 600 index rose 0.3 per cent by 7.11am GMT after last week's sell-off knocked it lower by 3 per cent from its record highs.

Travel and leisure, technology and mining stocks were the top gainers, up between 0.9 per cent and 1.2 per cent.

Wall Street's Nasdaq reached an all-time closing high after US health regulators granted full approval to the Covid-19 vaccine developed by Pfizer and BioNTech in a move that could accelerate US inoculations.

Meanwhile, data showed Germany's gross domestic product grew by 1.6 per cent on the quarter from April to June, slightly up from its previous estimate of 1.5 per cent as private consumption and state spending helped.

Marks and Spencer Group rose 3.1 per cent to the top of the Stoxx 600 after Berenberg and Credit Suisse raised their price targets on the company's stock.

REUTERS