(For a live blog on European stocks, type LIVE/ in an Eikon
* Adidas, Puma surge after Nike's upbeat forecast
* Travel stocks rebound after 4-day losing streak
* Sunak to set out future of UK job support programme
Sept 23 (Reuters) - European stocks rose on Wednesday, as a
rebound in beaten-down travel stocks and gains for Adidas and
other sports names took the edge off data that highlighted an
uneven path for economic recovery in the euro zone.
With COVID-19 cases rising again in Europe, countries
including Britain reimposed restrictions to limit the spread of
the virus, triggering the worst selloff in three months for the
pan-European STOXX 600 benchmark on Monday.
The index closed 0.6% higher, recovering for a second
session from the losses, with London's FTSE 100 up 1.2%,
Germany's DAX gaining 0.4% and France's CAC 40
IHS Markit's survey released earlier showed euro zone
business growth ground to a halt in September, as fresh curbs to
quell a resurgence in COVID-19 infections slammed the services
industry into reverse, more than offsetting the strongest
manufacturing growth in two years.
However, investors counted on further stimulus from central
banks and governments to battle the economic fallout of the
"We expect data to further deteriorate given the new
restriction measures put in place... which will impact
employment data and keep pressure on both European governments
and the ECB in the coming months," wrote Olivier Konzeoue, FX
Sales trader at Saxo Markets.
UK markets outperformed, with British finance minister Rishi
Sunak looking to set out the future of the coronavirus job
support package on Thursday, just weeks before the 52 billion
pound ($66 billion) programme is set to expire.
Travel stocks rebounded after a four-day run of
losses, with Germany's Lufthansa up 1.6% after news
the airline was planning to make rapid COVID-19 antigen tests
available to passengers in October.
Adidas jumped 4.4%, while Puma and JD
Sports gained about 4% each after U.S. sportswear maker
Nike reported strong earnings and forecast
better-than-expected sales for 2020.
Osram Licht surged 14.1% after Austrian sensor
maker ams said it had signed a so-called domination and
profit and loss transfer agreement as a key step towards closing
its 4.6 billion euro ($5.4 billion) takeover of the German firm.
Danish pharmaceutical company Genmab fell 5.2%
after it said it was locked in a legal battle with its partner
Johnson & Johnson over royalty payments for its key
Swiss drugmaker Roche slipped nearly 2% as its
experimental Alzheimer's drug failed to slow cognitive and
functional decline in a trial.
(Reporting by Sruthi Shankar in Bengaluru;
Editing by Shounak Dasgupta)