Friday 24 May 2019

Ryanair hits lowest since January

Traders work on the floor of the New York Stock Exchange
Traders work on the floor of the New York Stock Exchange

Gavin McLoughlin/Bloomberg

Ryanair fell to its lowest since January in Dublin yesterday amid continuing industrial relations woes.

Cabin crew in European locations announced plans to strike, joining Irish pilots who are planning a day of action next week.

The index of Irish shares was little changed overall however, with gains for Aryzta, AIB, Bank of Ireland and Bulmers-maker C&C almost bringing the index into positive territory.

US stocks climbed on light volume by lunchtime in New York, and Asian shares sank to a nine-month low as traders prepared for the implementation of fresh trade restrictions between America and China at midnight.

European automakers drove the continent's markets higher on hopes of a transatlantic tariff agreement.

Trading was quiet during the US holiday week, as turnover on the S&P 500 Index and Nasdaq 100 was more than 20pc below normal in the earlier part of the day.

"A pretty quiet day today as a lot of people are still on vacation," Matt Maley, an equity strategist at Miller Tabak & Co, wrote in an email to clients.

Commodities slid and those with heavy exposure to international trade were particularly pressured, with iron ore futures in Singapore hitting a seven-month low. Oil slumped as inventories unexpectedly rose.

The trade conflict was poised to enter a new phase today with the imposition of fresh tariffs between the world's two biggest economies. China said it won't be the first to act and will hold off on enforcement until the US does. The euro strengthened and sovereign bonds fell as investors repriced the trajectory of ECB rate increases after data showed German factory orders surged in May.

Irish Independent

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