Ryanair Holdings plcRyanair reported a 34% drop in first-quarter profit due to higher fuel costs (oil supply disruption) and weaker fares.

European stock markets edged lower at the open on Monday, amid concerns that escalating US-Iran tensions will push oil prices higher and add to inflationary pressures. The STOXX 600 index slipped 0.2% to 640.45 points, with Ryanair shares tumbling 4.6%, the biggest fall in the index, after reporting a 34% drop in first-quarter profit due to higher fuel costs and weaker fares. Meanwhile, technology stocks rose 0.4% ahead of earnings from US tech giants, which investors are watching as a potential new catalyst for the AI stock investment theme. Brent crude oil surged above $90 a barrel for the first time in a month, as US strikes on Iran entered a ninth consecutive day and reports emerged that some oil tankers were unable to transit the Strait of Hormuz. This pushed energy stocks up 1.4%, but weighed on travel and leisure shares, which fell 1.3%. Investors are also eyeing the European Central Bank meeting later this week, with markets largely expecting the ECB to keep its policy rate unchanged.
Ryanair Holdings plcRyanair reported a 34% drop in first-quarter profit due to higher fuel costs (oil supply disruption) and weaker fares.