MNI: UK FINAL JAN MANUF PMI 48.3 (FLASH: 48.2); DEC 47.0

MNI: EUROZONE FINAL JAN MANUF PMI 46.6 (FLASH: 46.1); DEC 45.1

MNI: GERMANY FINAL JAN MANUF PMI 45.0 (FLASH: 44.1); DEC 42.5

MNI BRIEF: Fed's Goolsbee Supports Slowing Rate Cuts

MNI BRIEF: US Dec Core PCE Inflation In Line With Expectations

MNI BRIEF: Fed's Bowman Wants Inflation Progress Before Cuts

MNI: FRANCE FINAL JAN MANUF PMI 45.0 (FLASH: 45.3); DEC 41.9

MNI: ITALY JAN MANUF PMI 46.3 (FCST: 46.9); DEC 46.2

MNI: SPAIN JAN MANUF PMI 50.9 (FCST: 53.5); DEC 53.3

GERMANY: Economy Ministry Lowers 2025 Growth Forecast As Expected

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

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TRANSPORTATION: Ryanair earnings call. Read-through for the sector themes

TRANSPORTATION
Credit BulletsCEEMEAEurozoneBulletIreland

O'Leary is pessimistic on capacity - still sees it constrained in Europe - a positive for yields/fares generally but can have mixed impact on unit cost side;

  • Boeing delivery delays has seen FY26 (to Mar '26) passenger expectations get cut from 215m to 210 and now 206m - that is only +3% yoy. It was originally expecting 25 aircraft for summer '25 - its getting 9 now. The backlog is coming from early '24 max groundings and not helped by staff strikes since.
  • Sees Pratt & Whitney engine issues also constraining Airbus capacity in Europe (issuers affected were Air-Baltic and Wizz).
  • Interestingly re. engine maintenance backlogs (see strong growth in Lufthansa Technik), Ryanair flags potentially setting up 1-2 in-house shops itself.

On current trading;

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O'Leary is pessimistic on capacity - still sees it constrained in Europe - a positive for yields/fares generally but can have mixed impact on unit cost side;

  • Boeing delivery delays has seen FY26 (to Mar '26) passenger expectations get cut from 215m to 210 and now 206m - that is only +3% yoy. It was originally expecting 25 aircraft for summer '25 - its getting 9 now. The backlog is coming from early '24 max groundings and not helped by staff strikes since.
  • Sees Pratt & Whitney engine issues also constraining Airbus capacity in Europe (issuers affected were Air-Baltic and Wizz).
  • Interestingly re. engine maintenance backlogs (see strong growth in Lufthansa Technik), Ryanair flags potentially setting up 1-2 in-house shops itself.

On current trading;

Keep reading...Show less