hopes

Vacation trips, easing of travel rules fuel hopes of business jet rebound

By Allison Lampert

MONTREAL (Reuters) – A pick-up in leisure trips and easing European travel restrictions are driving demand for business jet flights this summer, fueling cautious hopes for a rebound in an industry hit hard by the coronavirus pandemic, executives and forecasters said.

Commercial and business aviation are both seeing improved domestic traffic this summer. But private flights, which carry smaller groups and promise wealthy passengers less risk of exposure to the coronavirus, have generally fared better than commercial airlines since the start of the pandemic.

U.S. business aviation traffic is down around 20% year to date through July 19 on an annual basis, compared to a decline in U.S. commercial airline traffic of 48% over the same period, according to FlightAware data.

Adam Twidell, chief executive at Private Fly, a global booking service for charter flights, said his company’s booking levels are around 80% of last year’s mark

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European stocks end choppy session higher on vaccine hopes

By Sruthi Shankar and Julien Ponthus

(Reuters) – Hopes of a COVID-19 vaccine pulled European stocks from losses earlier on Wednesday, after fears of a no-deal Brexit and anxieties relating to the European Union’s recovery fund had weighed on sentiment.

Ending a choppy session, the pan-European STOXX 600 index <.STOXX> rose 0.2%, with blue-chip indexes in Paris <.FCHI>, Milan <.FTMIB> and London <.FTSE> down about 0.2%

Markets on both sides of the Atlantic got a boost as a COVID-19 vaccine developed by Pfizer Inc <PFE.N> and German biotech firm BioNTech <BNTX.O> showed promise and was found to be well tolerated in early-stage human trials.

A series of business surveys released earlier showed broad improvements in manufacturing across Europe and Asia as economies opened up, with IHS Markit’s final euro zone Manufacturing Purchasing Managers’ Index (PMI) moving closer to the 50-mark separating growth from contraction in June.

Improving economic data out

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Wall Street ends higher on recovery hopes, Nasdaq hits another record

By Sinéad Carew

(Reuters) – Wall Street’s three major indexes closed higher on Tuesday as improving economic data and the prospect of more stimulus bolstered hopes of a swift recovery, while a jump in technology shares powered the Nasdaq to another record high.

While all the indexes pared gains late in the session to close below their peaks for the day, the Nasdaq managed to register its fifth record high close this month. Apple Inc provided the biggest boost followed by Amazon.com and Microsoft.

Data showed that the pace of contraction in the U.S. manufacturing and services sectors slowed in June as businesses reopened after lockdowns that started in mid-March.

Also, new home sales jumped 16.6% in May, blowing past estimates of a 2.9% rise.

“The cumulative effect of the economic data we’ve been seeing is helping to support the V-shaped rally we’ve had in stocks,” said Mark Luschini, chief

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