Themes from May

UK opinion polls have suggested the General Election result will not deliver a landslide win for the Conservative party.

US President Donald Trump did not commit to honour Article 5 at the NATO summit in Brussels despite previous indications that he was planning to do so. This unprecedented omission for a new President and a number of anti-German tweets has caused nervousness amongst EU/ NATO partners.

The 14 OPEC members and 10 Non-OPEC countries extended by nine months the period of production quotas. Investors were disappointed there were no further commitments to cut output. Crude oil prices declined below $50/bbl in response.

Ryanair reported net profits rose 6% to €1.31bn with EPS up 14% to €1.05 despite the sterling decline and a 13% decline in average fares to €41 per seat.

IAG’s IT outage over the May bank holiday weekend will resulted in cancelled flights for 75,000 customers is expected to cost the airline around £100m.

Petrofac chief operating officer Marwan Chedid resigned following an ongoing SFO investigation into payments to Monaco based Unaoil in 2009.

Hikma Pharmaceuticals reported that its launch of generic Advair will be delayed beyond 2017 and revenues would be $2bn-$2.1bn. GSK rose strongly as factor was cited as determining EPS growth in 2017.

Read the May Newsletter

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