EasyJet has said it expects a “record-breaking summer” after the airline revealing a 16% jump in profits, in contrast to the weaker sales expected by Irish rival Ryanair. The Irish carrier’s shares slumped by 17% on Monday after it shocked investors with a steep fall in profits and expectation of falling ticket prices. That drove other airlines down, including a 7% drop for easyJet. The Ryanair surprise had hung over the Farnborough air show in Hampshire, where the global aviation industry has gathered for a biennial meeting. The aviation industry has mostly been in positive mood as it pushes to meet soaring global demand – although it has offered very little answer to how it will cut total carbon emissions in the coming decades. Shares in easyJet have duly soared by 9% in the opening minutes of trading. That erases its losses for the week. Before today it was down 16% for the year; now that is back to 8%. London Heathrow airport has said it is enjoying an “exceptional start to the year” after a record number of people travelled through it in the first six months. Europe’s busiest airport reported a 1% drop in revenues for the first half of 2024 to £1.7bn but it said that 39.8 million passengers flew to and from it. And 30 June was the airport’s busiest day ever, with more than 268,000 passengers travelling on more than 1,300 flights. The agenda • 9am BST: eurozone HCOB manufacturing PMI (July; previous 45.8; consensus 46.1) • 9am BST: eurozone HCOB services PMI (July; previous 52.8; consensus 53) • 9.30am BST: UK S&P Global services PMI (July; previous 50.9; consensus 51.1) • 9:30am BST: UK S&P Global services PMI (July; previous 52.1; consensus 52.5) We’ll be tracking all the main events throughout the day ...
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