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The airline’s disappointing updates have hurt the performance of its rivals. British Airways owner IAGIt was one of the biggest fallers in the FTSE 100 index, falling 3.3%.
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But even more devastating was the EasyJet It has fallen more than 7% and is now at the bottom of the blue-chip index.
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shares fall.”,”caption”:”EasyJet shares fall.”,”credit”:”Photo: Refinitiv”}}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1721631551000,”blockCreatedOnDisplay”:”02.59 EDT”,”blockLastUpdated”:1721633497000,”blockLastUpdatedDisplay”:”03.31 EDT”,”blockFirstPublished”:1721633249000,”blockFirstPublishedDisplay”:”03.27 EDT”,”blockFirstPublishedDisplayNoTimezone”:”03.27″,”title”:”Ryanair shares fall 12.5% at open”,”contributors”:[],”primaryDateLine”:”Monday, July 22, 2024 03:35 EDT”,”secondaryDateLine”:”First Published Monday, July 22, 2024 02:55 EDT”},{“id”:”669e04398f08c0d32235290e”,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
All eyes are on market reaction to President Biden’s decision to pull out of the US election race. And we have positive prints from all major indexes at the start of the European trading day.
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FTSE 100 is up 0.43%
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Germany’s DAX is up 0.5%
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France’s CAC 40 is up 0.5%
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Spain’s IBEX is up 0.4%
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Euro Stoxx 600 is up 0.3%
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“,”elementId”:”a70f9cc8-e3e4-4d5d-82ba-b887bddec853″}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1721631801000,”blockCreatedOnDisplay”:”03.03 EDT”,”blockLastUpdated”:1721632124000,”blockLastUpdatedDisplay”:”03.08 EDT”,”blockFirstPublished”:1721632125000,”blockFirstPublishedDisplay”:”03.08 EDT”,”blockFirstPublishedDisplayNoTimezone”:”03.08″,”title”:”European stocks rise as traders poised to react to Biden retreat”,”contributors”:[],”primaryDateLine”:”Monday, July 22, 2024 03:35 EDT”,”secondaryDateLine”:”First Published Monday, July 22, 2024 02:55 EDT”},{“id”:”669df7668f08adbbe4b1c787″,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.
“,”elementId”:”a4218c5a-55c9-426d-933e-89489cf090f0″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
The world is still recovering from the global IT outage caused by a faulty security update by cybersecurity firm CrowdStrike last week, which hit hospitals, businesses, banks and airline services around the world.
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In LinkedIn post overnight, CrowdStrike said it was continuing to “focus on restoring all systems as soon as possible,” and that it had deployed a “new technique” to try get everyone back online.:
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CrowdStrike continues to focus on restoring all systems as soon as possible. Of the approximately 8.5 million Windows devices that were impacted, a significant number are back online and operational.
\n Together with customers, we tested a new technique to accelerate impacted system remediation. We’re in the process of operationalizing an opt-in to this technique. We’re making progress by the minute.
\n
“,”elementId”:”1b33c991-667f-41a9-9747-1ee2c86a2bf6″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
While the company has again apologised for the disruption, full restoration could take weeks. And that may result in further pain for CrowdStrike’s US-listed shares, which have so far plunged 11%.
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Meanwhile, Ryanair has suffered a 46% drop in its first quarter profits, covering the three months to June, after the airline was hit by cost-conscious travellers.
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Average passenger fares fell 15% in the quarter, compared to a year earlier, with CEO Michael O’Leary explaining that they had to take part in “more price stimulation than we had previously expected – meaning the the airline had to cut prices to bolster demand.”
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He said the airline had recently tried to close off some cheap seats but they were met with resistance, and opened up lower-cost seats again, as a result.
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O’Leary warned that there was likely to be more pain the second quarter:
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While Q2 demand is strong, pricing remains softer than we expected, and we now expect Q2 fares to be materially lower than last summer.
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“,”elementId”:”35b327ed-ba0f-4efc-ab65-9d2622403be4″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
The agenda
“,”elementId”:”5791e96f-0bd0-4d32-a3f6-4de0dc1a78ea”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
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No major scheduled data
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“,”elementId”:”a1433b2b-1e44-4b75-a490-3cf64a38dd61″}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1721631336000,”blockCreatedOnDisplay”:”02.55 EDT”,”blockLastUpdated”:1721631321000,”blockLastUpdatedDisplay”:”02.55 EDT”,”blockFirstPublished”:1721631336000,”blockFirstPublishedDisplay”:”02.55 EDT”,”blockFirstPublishedDisplayNoTimezone”:”02.55″,”title”:”Introduction: CrowdStrike continues to work to restore services following IT meltdown”,”contributors”:[],”primaryDateLine”:”Monday, July 22, 2024 03:35 EDT”,”secondaryDateLine”:”First Published Monday, July 22, 2024 02:55 EDT”}],”filterKeyEvents”:false,”id”:”key-events-carousel-mobile”,”absoluteServerTimes”:false}”>
Important Events
Those views Ryanair Airlines’ stock prices have plummeted following their financial results announcements.
Matt Britzman, senior equity analyst at Hargreaves Lansdown Investors suspect competitors are feeling similar pressure and say there will be cascading effects across the industry.
Ryanair Weak outlook for the crucial summer period led to disappointment
First-quarter after-tax profit was 360 million euros, well below market expectations due to a sharp drop in ticket prices.
The outlook is also poor, with Ryanair expecting prices to fall as the summer travel peak arrives.
This will have a ripple effect across the industry, EasyJet We are facing a problem of exactly this magnitude.
Ryanair shares fell 12.5% at the start of trading
disappointing Ryanair The airline’s warning about profits and weak summer airfares caused its shares to fall 12.5% at the start of trading.
The airline’s disappointing updates have hurt the performance of its rivals. British Airways owner IAGIt was one of the biggest fallers in the FTSE 100 index, falling 3.3%.
But even more devastating was the EasyJet It has fallen more than 7% and is now at the bottom of the blue-chip index.
European stocks rise as traders react to Biden withdrawal
Attention is focused on the market’s reaction to President Biden’s decision to withdraw from the US election race. At the start of European trading, all major stock indexes posted positive figures.
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FTSE 100 up 0.43%
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Germany’s DAX up 0.5%
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France’s CAC40 rose 0.5%
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Spain’s IBEX up 0.4%
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Euro Stoxx 600 up 0.3%
Introduction: CrowdStrike works to restore service after IT meltdown
Good morning and welcome to our continuing coverage of business, financial markets and the global economy.
The world is still recovering from a global IT outage caused by a flawed security update. Cybersecurity company CrowdStrike It has hit hospitals, businesses, banks and airline services around the world in the last week.
in LinkedIn PostCrowdStrike said it was “focused on restoring all systems as quickly as possible” and had deployed “new technology” to help get everyone back online.
CrowdStrike remains focused on restoring all systems as quickly as possible, and of the approximately 8.5 million affected Windows devices, a significant number are back online and operational.
Working with customers, we have tested a new technique to accelerate the remediation of affected systems, and we are currently in the process of operationalizing an opt-in for this technique, with progress being made with each passing second.
The company issued another apology for the disruption, but a full recovery could take weeks, which could deal a further blow to CrowdStrike’s U.S.-listed shares, which have plummeted 11% so far this year.
meanwhile, Ryanair saw its first-quarter profits fall by 46%. Airlines are being influenced by cost-conscious travellers and will cover the three months to June.
Average passenger fares fell 15% in the fourth quarter compared to the same period last year, leading CEO Michael O’Leary to explain that “we’ve had to provide a much larger price stimulus than we had anticipated, which means airlines have had to cut prices to stimulate demand.”
He said airlines had recently tried to close some budget seats but encountered resistance, which resulted in them opening them up again.
O’Leary warned there could be more pain in the second quarter.
Demand in the second quarter has been solid, but pricing has been softer than we expected, and we expect second quarter freight rates to be significantly lower than last summer.
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