Stock Surge: Luxury stocks surged Thursday on the Paris bourse after China lifted its long-standing travel ban on group tours to greater than 70 locations, with immediate effect.
The increases were led by LVMH Moët Hennessy Louis Vuitton, whose stock closed the day up 3.4 percent to 834.70 euros, while Hermès International’s stock rose 3.2 percent to 1,960.20 euros.
China’s Ministry of Culture and Tourism said Thursday it had ended its ban on group tours to 78 locations within the Asia-Pacific region, Europe, North America and Africa, three years after it was instigated to stem the spread of the coronavirus, in early 2020.
Chinese travelers can now visit the U.S., Japan, South Korea, the U.K., German and Australia, amongst other locales.
Beijing dropped its...
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