Europe open: Travel issues pace gains

Stocks across the Continent are moving higher, having wobbled at the start of trading after the Trump administration moved to close possible loopholes on its curbs against Chinese technology Huawei.

Despite the news from the other side of the globe, investors were pushing travel and leisure, and basic resources shares higher.

In the background however, the news-flow around the pandemic remained rather downbeat, although there was at least one small positive to be had, in Spain.

Underscoring the mood in financial markets, Bank of America's monthly fund manager survey revealed that fund managers around the world were at their most 'bullish' in August since February 2020.

"We do not think positioning is dangerously bullish; FMS cash levels down to 4.6% but in neutral range (<4% = greed, >5% = fear); BofA Bull & Bear Indicator up to 3.7, far from excess bullish," they said in a research note sent to clients.

"We say “peak Policy” theme to cause Sept volatility (after passage of Phase IV fiscal stimulus); but disorderly drop in credit & stocks still requires disorderly rise in rates."

As of 1030 BST, the pan-European Stoxx 600 was up 0.33% at 370.47, alongside a 0.64% rise for the Dax to 13,001.04.

Pacing gains on the Stoxx 600 was stock in Persimmon after the UK homebuilder reinstated a "modest" dividend and held out the possibility of more to come.

Shares of EasyJet, Deutsche Lufthansa, TUI AG and RyanAir Holdings were all close behind on the leaderboard.

The FTSE Mibtel meanwhile was ahead by 0.82% to 20,113.07 and the Cac-40 by 0.46% to 4,994.62.

Travel&Leisure issues were higher as well as group, pacing the advance throughout much of the morning, with the corresponding Stoxx 600 sector gauge up 0.99% to 174.71.

On the pandemic front, Germany reported the highest number of cases for four months, but in Catalonia, in Spain's northeast, the daily case count nearly halved on Wednesday.