November 16, 2015 / 8:30 AM / 2 years ago

Travel stocks lead European shares lower after Paris attacks

MILAN, Nov 16 (Reuters) - European shares opened lower on Monday, dragged down by travel and leisure stocks following Friday’s attacks in Paris, which killed more than 130 people.

The pan-European FTSEurofirst 300 index fell 0.4 percent and France’s CAC fell 0.6 percent, while the STOXX Europe 600 Travel & Leisure index underperformed to decline by 2.3 percent.

The events in Paris are likely to put consumer goods and tourism stocks under pressure in the short term, although few strategists expect a prolonged economic impact or change in prevailing long-term market directions.

French hotel group Accor fell 6.3 percent, among the worst performers in Europe, while the country’s flagship carrier Air France KLM dropped 5 percent. French airports operator ADP also fell 3.8 percent, while Eurotunnel fell 4.5 percent.

Energy stocks were the only sectoral gainers, as crude oil prices edged up as France launched large-scale air strikes against Islamic State in Syria.

Today’s European research round-up

Reporting by Danilo Masoni; Editing by Sudip Kar-Gupta

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