easyJet Share News (EZJ)

LONDON (Alliance News) - London stocks started the new week on the back foot following another knock back for Chinese tech giant Huawei amid an ongoing US-Sino trade saga.Travel stocks also played a role in denting the FTSE 100's performance on Monday after some ill-received guidance from budget airline Ryanair knocked peers in a negative read-across. However, London's blue-chip index managed to avoid the sharper loss of its European peers as the pound remained weak ahead of the likely return of UK Prime Minister Theresa May's Brexit withdrawal deal in June. The FTSE 100 index closed down 37.74 points, or 0.5%, at 7,310.88. The FTSE 250 ended down 163.02 points, or 0.8%, at 19,335.59, and the AIM All-Share closed down 1.68 points, or 0.2%, at 957.01.The Cboe UK 100 ended down 0.6% at 12,386.37, the Cboe UK 250 closed down 0.8% at 17,375.66, and the Cboe Small Companies ended down 0.1% at 11,840.44.In European equities on Monday, the CAC 40 in Paris ended down 1.5%, while the DAX 30 in Frankfurt ended down 1.6%."European stocks plummeted on Monday, as investors reacted to escalating US-Sino trade tensions. Google halting supplies to Chinese telecoms giant Huawei amid a White House ban has intensified the risk-off sentiment," said Fiona Cincotta, senior market analyst at City Index. Alphabet Inc's Google confirmed it has blocked Huawei from updating some parts of its Android software used on Huawei phones to comply with a US government order blacklisting the Chinese firm.Last week, US President Donald Trump signed an executive order effectively banning the Chinese firm from using US technology without government permission. This came after the US increased tariffs to 25% on USD200 billion worth of Chinese products.However, the dollar earner-heavy FTSE 100 posted less severe falls compared to European counterparts "thanks to cushioning from the pound", Cincotta noted. The pound was quoted at USD1.2731 at the London equities close Monday, soft compared to USD1.2737 at the close on Friday.UK Prime Minister Theresa May is set to begin discussions with senior ministers on her proposed new "bold offer" to members of Parliament in a final attempt to get her Brexit deal passed.The weekly meeting of the Cabinet on Tuesday is expected to sign off on a package of measures to be included in the forthcoming Withdrawal Agreement Bill aimed at winning cross-party support.However, there was widespread scepticism at Westminster that it will fare any better than her three previous failed attempts to get the Commons to pass the deal - all having failed with resounding margins.Following the collapse last week of cross-party talks with Labour aimed at reaching a common approach, Jeremy Corbyn said he had not yet seen anything new that would persuade him to support it.This comes at the start of what is likely to be another torrid week for the prime minister with the Conservatives braced for a thrashing at the hands of Nigel Farage's Brexit Party in the European elections on Thursday.Meanwhile, Conservative members of Parliament have begun to throw their hats in the ring for May's job as she prepares to set out her own departure plan. Health Secretary Matt Hancock refused to rule out a bid for the job, saying he had a "strong view about the sort of leader we need". Former foreign secretary Boris Johnson has already confirmed he will stand in the race to replace May, which is due to officially begin within weeks.The prime minister will set out the timetable for her exit and the leadership contest to succeed her after her Brexit deal goes to the Commons for a fourth time in early June.The euro stood at USD1.1169 at the European equities close Monday, against USD1.1160 at the same time on Friday.Stocks in New York were trading in the red at the London equities close, with the DJIA down 0.3%, the S&P 500 index down 0.4%, and the Nasdaq Composite down 1.2%. In London, travel firms ended the session among the worst performers after a disappointing outlook from Irish airline Ryanair, as the firm warned it has "zero" visibility on the second half. Ryanair closed down 4.6%.The budget flier reported a 41% fall in annual profit to EUR948.1 million despite revenue rising 6% to EUR7.15 billion.Looking ahead, the airline expects traffic to rise 8% in its recently-begun financial year to 153 million passengers. However, assuming revenue per passenger growth of 3%, Ryanair guided for broadly flat group profit. This will range from EUR750 million if revenue per passenger rises 2%, up to EUR950 million if revenue per passenger rises 4%. "While first half bookings are slightly ahead of last year, fares are lower and we expect this trend will continue through summer 2019. We have zero second half visibility," the company added.Ryanair's results hit other travel stocks in a negative read-across, with FTSE 100 members TUI and easyJet shedding 6.2% and 3.5% respectively, while Wizz Air in the FTSE 250 declined 2.0%. Travel agent Thomas Cook came close to 2011's record low of 8.11 pence, finishing the session down 13% at 10.25p as it extended last week's losses. In morning trade on Monday, the stock hit 8.33p per share. Last week, Thomas Cook posted an underlying loss before interest and tax loss of GBP245 million versus a loss of GBP170 million a year ago. Looking ahead, the firm said it now expects underlying Ebit in the second half to be behind the same period a year ago due to margin pressure.Following the results, Citigroup cut the stock to Sell from Neutral and wiped its price target to 0p.Back in the FTSE 100, Land Securities fell 1.6% after Liberum cut the property investor and developer to Hold from Buy.A ratings downgrade saw Merlin Entertainments end as the biggest loser in the FTSE 250, sinking 6.7% after HSBC cut the Thorpe Park operator to Reduce from Buy. Elsewhere on the Main Market, Low & Bonar sank 24% on the impending departure of its chief executive and news that its performance in the first half of its financial year will be "materially behind" a year before.Philip de Klerk will step down as CEO on July 1 and the company will promote Non-Executive Chair Daniel Dayan to executive chair on July 2. The company does not plan to seek a new CEO straight away, but will review the situation "later in the year".The performance materials firm also said it has made a slower recovery than expected in its second quarter, which ends May 31. This was attributed to continued market weakness and "the slow recovery of customer confidence" within its Coated Technical Textiles unit, which creates modified fabrics for outdoor use.In the UK corporate calendar on Tuesday, there are annual results from electronics product distributor Electrocomponents, car parts and bike retailer Halfords, emergency repairs firm Homeserve and food producer Cranswick.There are third-quarter results from books and stationery retailer WH Smith and a trading statement from gold miner Fresnillo. In commodities, gold was quoted at USD1,276.80 an ounce at the London equities close Monday against USD1,275.10 at the close on Friday.Brent oil, meanwhile, was quoted at USD72.56 a barrel at the London equities close Monday from USD72.60 late Friday.In the economic calendar on Tuesday, the Confederation of British Industry's Industrial Trends survey is at 1100 BST, while in the US the Redbook index is at 1355 BST and eurozone consumer confidence at 1500 BST.