Europe: Shares rise on Evergrande relief, gains in travel and leisure

[BENGALURU] European stocks rose on Wednesday, recovering from its early-week losses after debt-laden China Evergrande said it would make some interest payments, while travel and leisure stocks jumped to a 14-week high.

Evergrande's Frankfurt-listed shares jumped 15.1 per cent after hitting multi-year lows in the previous session.

The property developer said it would make a coupon payment on its domestic bonds, offering relief to investors worried about the fallout of its financial troubles.

Boosting the travel and leisure index, Entain jumped 8.2 per cent to a life high after the UK gambling firm revealed a US$22.4 billion takeover proposal from Boston-based DraftKings .

The pan-European Stoxx 600 rose 0.8 per cent by 7.20am GMT, extending Tuesday's bounce with commodity-linked stocks also in the lead.

Deutsche Post fell 2.3 per cent after US delivery firm FedEx cut its full-year forecast after labour shortages crimped earnings and slowed packages.

REUTERS