The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, September 21, 2021. REUTERS/Staff
(Reuters) – 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% 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 & leisure index, Entain jumped 8.2% to a life high after the UK gambling firm revealed a $22.4 billion takeover proposal from Boston-based DraftKings.
The pan-European STOXX 600 rose 0.8% by 0720 GMT, extending Tuesday’s bounce with commodity-linked stocks also in the lead.
Deutsche Post fell 2.3% after U.S. delivery firm FedEx Corp cut its full-year forecast after labour shortages crimped earnings and slowed packages.
Reporting by Sruthi Shankar in Bengaluru; Editing by Arun Koyyur