Travel and tourism stocks are propelling European stocks to new highs

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Travel and leisure businesses drove European stocks to a new high on Tuesday, extending gains for a seventh consecutive session as investors drew comfort from robust earnings reports. By 0717 GMT, the Pan-European STOXX 600 index had risen 0.2 percent to 471.67 points, a new high.

Flutter Entertainment jumped 4.8 percent in the travel and leisure sector after the world’s largest online betting operator reported its first-half performance beat expectations and it expects its U.S. operation to turn a profit by 2023.

HelloFresh, a meal-kit company based in Berlin, rose 1% after reporting robust second-quarter growth, thanks to an increase in consumers and continuing high order rates.

Corbion, a Dutch food additives company, fell 8.1 percent to the STOXX 600’s bottom after lowering its full-year adjusted EBITDA margin forecast.