We start the week with some warnings from Ryanair, which told investors not to get ahead of the recovery in the travel sector.
The airline suffered a sharp slowdown in trade in December and January due to the omicron variant and warned that while bookings were improving, it was not yet off the hook.
Like rivals easyJet and Wizz Air, Ryanair is preparing for aggressive expansion as travel returns, with 720 new routes and 15 new bases announced for the financial year starting in April.
However, he warned that passengers were still booking at the last minute and price reductions were needed to help stimulate demand.
5 things to start your day
1) Sunak pours taxpayers’ money into online betting company The Chancellor has sunk millions of pounds of taxpayers’ money into an online betting company and a luxury Caribbean business selling private island holidays
2) Underinvestment “to cause gas shortages” Delays and underutilization of new gas projects could lead to a prolonged global shortage, the International Energy Agency has warned.
3) Ivy boss considering offer for Corbin & King Richard Caring, owner of the Ivy and Sexy Fish, is set to meet Corbin & King’s majority shareholder
4) UK food bills will skyrocket if Russia invades Ukraine, experts warn Conflict and sanctions would severely disrupt wheat and barley supplies, adding further pressure on UK food prices
5) Jacob Rees-Mogg’s fund dumps Russian bank stocks The fund partly owned by the leader of the House of Commons cashed in its stake in Russian lender Sberbank
What happened overnight
Asian stocks rose on Monday as Wall Street futures stabilized, although tests loom as UK interest rates are set to rise this week and soaring oil prices add to concerns. concerns about inflation.
Data released on Sunday showed Chinese factory activity slowed in January as a resurgence in Covid-19 cases and severe lockdowns hit output and demand.
The standoff over Ukraine remains a thorn in the side of the market, which fears a Russian invasion could also cut off vital gas supplies to Western Europe.
The Lunar New Year holiday created tough conditions and MSCI’s broadest index of Asia-Pacific stocks outside Japan rose 0.6% in slow trading.
The Japanese Nikkei rebounded 1.3pc from a 14-month low, although local industrial production and retail sales data came in weaker than expected.
S&P 500 and Nasdaq futures recouped early losses to rise 0.3pc, while EUROSTOXX 50 futures rose 1.2pc and FTSE futures rose 0.6pc.
- Business results: STrois (Annual results); Ryanair (Temp worker); Evraz (Commercial Update)
- Economic data : National House Price Index (UK); GDP (EU); consumer price index (All); Manufacturing PMI (China)