Daily Briefing: European travel stocks way off pre-crisis levels, UK house prices' annual decline, Swedish krona surges

1 July: Your round-up of the issues leading today's agenda

1 July: Your round-up of the issues leading today's agenda

  • European travel and leisure stocks have rebounded in recent weeks but still have a long way to go before returning to pre-crisis levels. The Stoxx 600 travel and leisure sector, which covers 16 companies, sank 42% in the first quarter of 2020. This was on the back of lockdown measures across Europe and wider travel restrictions to contain Covid-19. In comparison, the sector gained 6% in the second quarter of 2020. “You’re going to struggle here to see a linear recovery,” Mark Manduca, a travel and leisure analyst at Citigroup, told CNBC Monday. 

  • UK house prices posted their first annual decline since 2012 in June as the coronavirus continued to hang over the property market, according to Nationwide Building Society, according to Bloomberg. Values dropped 0.1% from a year earlier to an average of 216,403 pounds ($267,000), the mortgage lender said Wednesday. On a monthly basis, prices fell 1.4%.

  • The Swedish krona’s best quarter in about a decade may raise concern among policy makers that it rose too fast, Bloomberg reports. Should the Riksbank signal at its meeting Wednesday that it’s concerned about the krona surge, which threatens exports accounting for about half of the economic output, that could trigger a pullback in the exchange rate, according to Toronto-Dominion Bank and Nordea Bank Abp. The median forecast in a Bloomberg survey is for the currency to slip by about 0.7% this quarter.

  • The Bank of Spain on Tuesday recommended drafting a medium-term plan with adjustment measures to offset the high debt (“the highest in many decades”) that the coronavirus health crisis will be leaving behind, El País reports. The proposed fiscal adjustments, to be adopted at a later time, include raising taxes. The central bank is specifically focusing on the reduced rates of value-added tax (VAT), on special taxes – particularly environmental levies, where there is a lot of room for action – and on existing loopholes in corporate tax.




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