AMSTERDAM/LONDON: European shares recovered most of their day’s losses to remain near record highs on Wednesday after a dovish tone from the US Federal Reserve calmed fears brought about by rising inflation in the United States.

The pan-European STOXX 600 index ended 0.1% down. It had lost as much as 0.4% during the session, after hitting a record high on Tuesday.

Miners, banks, technology and auto stocks gained between 0.3% and 1% to keep overall losses in check.

Travel & leisure shares were among the biggest losers, falling an average 1%. TUI, the world’s largest holiday company, shed 7.2% on reports that had it cancelled more holidays this month and next as the Delta variant of the coronavirus races around the globe.

Swedish telecoms operator Tele2 gained 5.9% after reporting an 8% rise in quarterly core earnings, helped by cost savings and a reduction in pandemic-related headwinds.

German fashion house Hugo Boss rose 2.1% after forecasting that revenue would grow 30-35% this year.

German airline Lufthansa slipped 1.8% after saying passenger numbers were currently around 40% of pre-pandemic levels, and that it aimed to reach 60%-70% by the end of the year.