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European stock rise despite some worries over inflation data

European stocks rose for a second day running despite US figures showing inflation heated up last month. Dublin Dealers said shares lost ground on unexpectedly high US consumer-price data, but bounced back later on. Ryanair Holdings climbed 2.36 per cent to €13.655 as holiday business TUI, and budget accommodation booker Hostelworld, signalled a strong year ahead for travel. The Irish airline, Europe’s biggest, is due to report full-year financial results next week. The news also lifted hotelier Dalata, which added 1.82 per cent to close at €3.92. Index heavyweight, building materials giant CRH, advanced 2.62 per cent to €36.77. Insulation specialist Kingspan rose 1.66 per cent to €77.36. Paddy Power owner, Flutter Entertainment, added 3.09 per cent to €98.80. Among the smaller stocks, AIB climbed 3.18 per cent to €2.126 while its peer Bank of Ireland rose 1.34 per cent to €5.454. Permanent TSB added 2.37 per cent to €1.51. Landlord Irish Residential Properties REIT was one of Wednesday’s losers, shedding 1.69 per cent to €1.396. Multi-national packaging maker, Smurfit Kappa dropped 1.77 per cent to €37.64. London London-listed, Irish-based budget travel booker Hostelworld climbed 6.6 per cent to 86.32 pence sterling following news that revenues for the first 18 months of this year rebounded to 97 per cent of pre-Covid levels. Good news for travel sent shares in Aer Lingus and British Airways owner, International Consolidated Airlines Group, up 2.47 per cent to 126.06p. Low-cost carrier Easyjet gained 3.08 per cent to close at 505.4p. Smurfit Kappa rival Mondi slid 1.11 per cent to 1,565.5p on a tough day for the packaging industry. In the same business, DS Smith dipped 314.1p. Oil major Shell gained 3.72 per cent to 2,316.5p as crude prices rose, partly on anticipation of extra Chinese demand. BP almost mirrored its rival, adding 3.69 per cent to close at 419.9p. Compass Group jumped 7.4 per cent 1,694p, topping the blue-chip FTSE 100 index, after the catering company raised its annual revenue forecast and announced £583 million in share buybacks following a strong first half. Europe The continent-wide Stoxx 600 index rose 1.7 per cent, registering its biggest one-day percentage gain since late March. Holiday giant TUI soared 5.64 per cent to €2.68 on news that it had halved losses and was experiencing a strong recovery following two tough years for travel. German airline group Lufthansa rose 3.58 per cent to €6.91 as TUI ’s news spurred European travel stocks. Air France KLM rose 1.13 per cent to €3.86. Swedish Match jumped 9 per cent to 103.5 kroner after Marlboro cigarettes maker Philip Morris International said it was making a recommended cash offer for the Swedish tobacco company of about €15 billion. German engineering conglomerate Thyssenkrupp surged 11.2 per cent to €7.83 per cent after raising its outlook for sales and operating profit for 2022. French train maker Alstom fell 5.2 per cent €21.85 after comments on cash flow generation and guidance divided the market. Bayer dropped 6.2 per cent to €58.04 after the Biden administration asked the US Supreme Court not to hear the German agriculture and pharmaceutical company’s bid to dismiss claims by customers who contend that its Roundup weedkiller causes cancer. US The S&P 500 and the Dow rose in choppy trading on Wednesday as banks and energy shares gained, while the tech-heavy Nasdaq came under pressure after inflation data cemented expectations of aggressive interest rate hikes. US government figures showed the consumer price index rose 0.3 per cent last month, the smallest gain since August, but still above economists’ forecast of 0.2 per cent. The prospect of rising interest rates dented growth stocks, with megacap companies such as Amazon, Microsoft, Apple, Meta Platforms and Tesla, down between 1.4 per cent and 2.5 per cent. - Additional reporting: Reuters

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Orbex unveils prototype of rocket preparing for UK’s first vertical launch

British microlauncher startup Orbex unveiled a full-scale prototype May 11 of what it hopes will be the first-ever vertical rocket launched to orbit from British soil. The post Orbex unveils prototype of rocket preparing for UK’s first vertical launch appeared first on SpaceNews.

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Google will allow users control how ads are personalized on Search, YouTube and elsewhere with new tool

At Google’s I/O developer conference, the company introduced a new tool that, later this year, will allow users more control and visibility over how their ads are personalized across Google’s apps and sites, including Google Search, YouTube, and the Discover feed in the Google app. From a new three-dot menu that will appear on all […]

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Elon Musk praises Chinese workers, says Americans ‘trying to avoid’ work

Billionaire Elon Musk heaped praise on Chinese workers during an event this week – praising their talent and work ethic even as he took a jab at some members of the American labor force.

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Google announces new Wallet app with support for digital IDs

If there's one thing Google likes to do almost as much as constantly launching new messaging apps, it's killing an app or service and then after a while launching another thing with the same name. So, with that in mind, say hello to the new Google Wallet. This will be available for Android and Wear OS devices in the coming weeks in "over 40 countries". As you might expect, you can use it to store bank cards for tap to pay, but also any other sort of card you might have, including loyalty ones. But not just that - vaccine certificates? Check! And at some later point, Wallet will even...

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