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Airlines weaker on Ryanair comments

TRANSPORTATION

"*RYANAIR EXPECTS FARES 5-10% BELOW YEAR-AGO THROUGH REST OF 2024" - Reuters, O'Leary speaking at AGM

O'Leary is sending conflicting messages. 2 weeks ago he sent the sector bid after saying 2Q (to September) fares down -5% was reasonable (after -15% fall in 1Q). Headlines has him now saying -5-10% lower for the rest of 2024. Consensus is looking for -9% in the 3-months to September and -3% in the final qtr.

SXXP is +1% vs. Ryanair -2.3%, Air-France -2%, Wizz -2%, easyJet -1.5%.

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