Investors are buying up European travel, retail and luxury goods shares, betting that a rebound in the region’s economy will tempt consumers to spend on more on holidays and expensive items.
Carmakers Renault and Stellantis have risen more than 25 per cent since the beginning of February. German entertainment group Eventim is up 23 per cent and Danish jewellery maker Pandora up 15 per cent in the same period, as fund managers bet pessimism over European economic growth is overdone.
Fund managers’ enthusiasm for stocks linked to discretionary spending has in part been driven by growing confidence that central banks have successfully tamed inflation without pushing economies into a downturn.
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