By Barbara Kollmeyer, MarketWatch
MADRID (MarketWatch) -- European stock markets moved higher on
Monday, lifted by HSBC Holdings PLC, after the heavyweight bank
posted results, while airline and travel stocks were the biggest
losers, after Ryanair Holdings PLC cut its outlook and warned of
falling fares.
The Stoxx Europe 600 index rose 0.4% to 322.74.
Shares of Ryanair led the decliners list, tumbling 11% after the
Irish-based budget airline cut its full-year guidance due to a dip
in average fares. Ryanair said it expects fares to fall by a
further 9% in the third quarter and by up to 10% in the fourth
quarter.
The news rippled through the sector, with EasyJet PLC losing
close to 4%, Thomas Cook Group PLC down 2.2%, and Air France-KLM SA
dropping close to 2%.
Shares of The Weir Group PLC were also being hit hard, off over
6% after the engineering company cut its 2013 revenue expectations
due to further project-delivery delays and industrial unrest in
South Africa.
Banks helped support the main Europe index, with HSBC Holdings
PLC (HBC) up over 2% after posting a 30% rise in third-quarter
pretax profit. ING Groep NV (ING) gained close to 1%. The FTSE 100
index gained 0.5% to 6,769.09.
Shares of PostNL NV jumped nearly 5% after the Dutch mail firm
lifted its full-year outlook.
Some miners also pushed higher after data showing signs of
growth in China's service sector. China is a big user of natural
resources. Shares of Rio Tinto PLC rose over 1%, and shares of BHP
Billiton PLC (BHP) gained 0.8%.
Shares of GlaxoSmithKline PLC (GSK) rose over 1%.
The German DAX 30 index rose 0.4% to 9,042.37, while the French
CAC 40 index added 0.4% to 4,291.70.
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