EasyJet Holidays Business Sees Over 35 Mln Pounds Pre-tax Income For FY22
British low-cost airline easyJet plc (ESYJY.PK,EZJ.L) said on Friday that it expects a rise in earnings from easyJet holidays business for 2022, in view of a rise in customer demand.
For the fiscal 2022, the easyJet holidays business estimates to cross 35 million pounds profit before tax serving 1.1 million customers.
For the fiscal 2023, it also aims to achieve a 30 percent growth in passenger numbers.
Johan Lundgren, CEO of easyJet, said: “easyJet holidays was created to meet the demand from our customers for package holidays to destinations they know and love in our network. It has become the fastest growing holiday company in the UK and our unique business model is delivering with easyJet holidays well on track to achieve our £100m+ profit target in the medium term.”
Oil Prices Tumble On Recession Fears
Oil prices fell around 2 percent on Friday and headed for a fourth consecutive weekly decline on worries that a possible global recession would hurt fuel demand.
Benchmark Brent crude futures fell a little over 2 percent to $88.65 a barrel, while WTI crude futures were down 2.2 percent at $81.66.
Recent tightening of monetary policy by major central banks will likely prove helpful in reducing inflation but it is feared that the more hawkish rhetoric and policy actions could tip the global economy into a recession.
Both the IMF and World Bank flagged recession risks last week as central banks across the world simultaneously hike interest rates to combat persistent inflation.
Eurozone manufacturing PMI fell in September and the U.K. downturn deepened, raising worries about weaker economic growth and demand going forward.
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Gold Drifts Lower On Dollar Strength
Gold prices fell sharply on Friday as a robust dollar and elevated Treasury yields dented the appeal of non-interest-yielding bullion.
Spot gold fell 0.9 percent to $1,656.41 per ounce, while U.S. gold futures were down over 1 percent at $1,663.75.
The dollar index rose to a new two-decade high against its rivals and benchmark 10-year U.S. Treasury yields hit an 11-year peak after several central banks delivered large interest-rate hikes this week to tackle persistent inflationary pressures.
The Federal Reserve has signaled a longer tightening cycle to get inflation back under control.
The Fed’s new projections showed its policy rate rising to 4.4 percent by year-end, before peaking at 4.6 percent in 2023.
The Bank of Canada is expected to raise its policy rate by 50 bps in October to 3.75 percent.
In the U.K., money markets are pricing in a peak in rates at around 4.9 percent by June 2023.
ECB rate rises may continue into early 2023 even as the bloc braces for recession.
Pre-market Movers: NXPL, HHGC, SLS, BLU, CWBR…
The following are some of the stocks making big moves in Friday’s pre-market trading (as of 06.55 A.M. ET).
In the Green
NextPlat Corp (NXPL) is up over 29% at $3.20
HHG Capital Corporation (HHGC) is up over 28% at $13.13
SELLAS Life Sciences Group, Inc. (SLS) is up over 27% at $2.95
BELLUS Health Inc. (BLU) is up over 14% at $12.10
In the Red
CohBar, Inc. (CWBR) is down over 11% at $3.70
Cellectis S.A. (CLLS) is down over 11% at $2.38
NeuroMetrix, Inc. (NURO) is down over 10% at $2.70
Eve Holding, Inc. (EVEX) is down over 9% at $11.11
Credit Suisse Group AG (CS) is down over 8% at $4.29
Warrior Met Coal, Inc. (HCC) is down over 7% at $25.71
Harmony Gold Mining Company Limited (HMY) is down over 7% at $1.98
Standard Lithium Ltd. (SLI) is down over 6% at $4.38
Borr Drilling Limited (BORR) is down over 6% at $3.52
PaxMedica, Inc. (PXMD) is down over 5% at $2.20
Dye & Durham Says Link Group Terminated Acquisition Discussions
Dye & Durham Limited (DND), a provider of cloud-based, efficient workflow software for legal and business professionals, on Friday said Link Administration Holdings Limited (LNK) has terminated discussions with respect to Dye & Durham’s proposed acquisition of Link Group.
Though the company acknowledged that it was disappointed with the outcome, considering the significant time and resources invested in managing this process over the last ten months, it was confident that the robust pipeline of M&A opportunities would deliver outsized investor returns.
Shares of Dye & Durham closed Thursday’s trading at C$12.06, down C$0.84 or 6.51 percent from the previous close.
Russia, Ukraine Exchange Prisoners Of War
215 Ukrainian soldiers and 55 Russian counterparts under captivity were released as part of an understanding between the two countries to exchange prisoners of war.
British, American, Moroccan, Swedish, and Croatian nationals and pro-Russian former Ukrainian MP Viktor Medvedchuk were also released Wednesday night.
Five Britons returned home Thursday, BBC reports.
Those released also include commanders of Mariupol’s Azovstal iron and steel works plant.
Ukraine’s President Volodymyr Zelensky thanked Turkish President Recep Tayyip Erdogan for leading this process.
“We remember all those who are in Russian captivity, and we will do everything for their rescue,” he wrote on Telegram.