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Brexit has been delayed. Again. And for stock investors, it is the airlines and travel agencies who are winning, because the British can now book their summer vacation in Europe.
EasyJet Plc and International Consolidated Airlines Group, owner of British Airways, both increased by at least 4% on Thursday, while Europe's largest holiday company TUI AG grew 3.5%. The Stoxx 600 Travel & Leisure segment grew by 1.2% and was the best performer in the European benchmark.
A plan developed Wednesday night in Brussels would allow the UK to remain in the European Union until 31 October. EasyJet had said earlier this month that a British parliamentary stalemate over the Brexit was "clearly" damaging to customer demand.
"UK and European holidaymakers can now book their holidays without fearing a Brexit dislocation over the next six months," said Michael Hewson, Chief Market Analyst at CMC Markets UK, by e-mail. described the situation as a "mixed blessing" as "other companies still have not defined market conditions more clearly after Brexit, which means more delayed investment decisions and more stagnation. Maybe we should all go on vacation and come back in six months?
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