European shares pare losses but travel stocks weighed down

lunes 16 de noviembre de 2015 06:13 GYT
 

* FTSEurofirst up 0.16 percent, France's CAC down 0.12 pct

* Travel and leisure stocks down 1.6 pct on Paris attacks

* KBC rises on solid results, Sonova slumps

By Danilo Masoni

MILAN, Nov 16 (Reuters) - European shares pared losses on Monday to trade slightly higher, as gains in the energy sector partly offset a slump in travel stocks after Friday's attacks in Paris, which killed more than 130 people.

The pan-European FTSEurofirst 300 index edged up 0.16 percent and France's CAC was down 0.12 percent, while the STOXX Europe 600 Travel & Leisure index underperformed.

Investors said a loss of consumer confidence following the attacks could have a short-term impact on travel and leisure stocks but few expect a prolonged economic impact or change in prevailing long-term market directions.

"I don't think the Paris events will touch the market and the economy on the whole. There is no more a tendency to panic in the wake of such attacks," said Massimo Baggiani, head of international equity at Italy's Symphonia.

"Certainly there will be a decline in tourism and hospitality activity for a few days. But I don't expect this to drag on into Christmas," he said.   Continuación...