Ryanair reported a decline in fiscal-year earnings that was in line with analysts’ expectations, as costs rose and average fares fell. The Irish budget airline said it achieved 1.61 billion euros ($1.80 billion) in net profit for the year to the end of March compared with 1.92 billion euros a year prior, on revenue that grew 4% to 13.95 billion euros. Earnings reflected passenger numbers that grew 9% but 7% lower average fares. The company’s operating costs also rose 9%, Ryanair said. The result compares with expectations of 1.6 billion euros in net profit from 13.9 billion euros in revenue, according to Visible Alpha consensus. Ryanair, which reiterated its 3% passenger growth expectation for fiscal 2026, said it was seeing robust demand for summer travel and that peak fares were trending modestly ahead of where they were a year prior. Bookings are tracking 1% ahead on year. It added that first-quarter fares are on track to finish at a mid-high teen percent ahead of the prior-year, and that pricing in the second quarter is expected to recover some of the decline seen a year ago. The first quarter will also benefit from having a full Easter holiday in April, Ryanair said.

The Switzerland market closed marginally up on Monday thanks to a few stocks finding some good support in the closing hour of the session. The benchmark SMI settled with a gain of 21.68 points or 0.18% at 12,356.77, the day's high. The index touched a low of 12,263.18 in the session. Lindt & Spruengli, the top gainer in the SMI index, climbed 3.54%. Swisscom and Schindler Ps gained 1.27% and 1.13%, respectively. Swiss Life Holding and UBS Group both advanced nearly 1%. Nestlé ended 0.89% up. SGS, Givaudan, Zurich Insurance, SIG Group, Geberit, Julius Baer and Swatch Group advanced 0.4 to 0.7%. Holcim drifted down 2.56%. Alcon closed down 1.07%, and Straumann Holding ended 0.93% down. Partners Group, Swiss Re and Logitech International also closed weak.

Europe
After languishing in negative territory for much of the day's trading session, European stocks closed mixed on Monday with several markets seeing some brisk buying at several key counters past mid afternoon.The mood remained a bit cautious as investors continued to assess global economic prospects amid fresh tariffs, and lingering concerns on the geopolitical front. A downward revision in U.S. government's credit outlook by Moody's weighed on sentiment. The UK's landmark agreement with the European Union aided sentiment to an extent and triggering some buying interest in the closing hour. British Prime Minister Keir Starmer signed an agreement in London today with the heads of the European Union, marking a new chapter in UK-EU relations since Brexit on 31 January 2020. The UK - EU deal aims to reset relations between the two regions post-Brexit, by covering key areas such as trade, energy, security, fisheries and travel. The pan European Stoxx 600 edged up 0.13%. The U.K.'s FTSE 100 gained 0.17% and Germany's DAX climbed 0.7%. France's CAC 40 ended down 0.04%, while Switzerland's SMI closed up 0.18%. Among other markets in Europe, Belgium, Denmark, Greece, Ireland, Portugal, Russia, Spain, Sweden and Turkiye closed higher. Austria, Czech Republic, Iceland, Netherlands, Norway and Poland ended weak, while Finland settled flat. In the UK market, EasyJet climbed about 3.2%. IAG, Fresnillo, Tesco, Imperial Brands, Vodafone Group, Centrica, Marks & Spencer, Games Workshop, Airtel Africa, Rolls-Royce Holdings, Convatec Group, British American Tobacco and 3i Group gained 1 to 2.7%. Shares of Diageo Plc failed to hold early gains and settled lower by about 1%. The world's leading spirits company unveiled a $500 million savings plan. Budget carrier Ryanair gained about 1% after signaling robust demand for travel this summer. BP, Spirax Group, JD Sports Fashion, Melrose Industries, Pershing Square Holdings, Halma, Antofagasta, The Sage Group and Intercontinental Hotels Group ended down 1 to 2%. In Germany, Siemens Energy rallied more than 3.5%. Rheinmetall, Continental, E.ON, Munich RE, Deutsche Telekom, Deutsche Bank, MTU Aero Engines and Covestro advanced 1 to 2%.

United States
Stocks came under pressure early in the session on Monday but regained ground over the course of the trading day. The major averages climbed well off their lows of the session before ending the day modestly higher. The Dow fell more than 300 points in early trading but ended the day up 137.33 points or 0.3 percent at 42,792.07. The S&P 500 also inched up 5.22 points or 0.1 percent to 5,963.60, while the Nasdaq crept up 4.36 points or less than a tenth of a percent to 19,215.46. The initial weakness on Wall Street came as traders looked to cash in on last week's rally, which lifted the major averages to their best closing levels in over two months. Last Monday's news of a U.S.-China trade deal temporarily slashing steep tariffs on each other's goods generated considerable buying interest that carried over throughout much of the week. Negative sentiment was also generated in reaction to news that Moody's has downgraded the U.S. debt rating by a notch to Aa1 from Aaa. Moody's said the downgrade reflects the increase over more than a decade in government debt and interest payment ratios to levels that are significantly higher than similarly rated sovereigns. 23andMe, the iconic DNA-testing company that helped people learn about their ancestors and aimed to improve their medical care using genetic data, agreed to be purchased out of bankruptcy on Monday for $256 million, a steep fall from the $6 billion peak it achieved in 2021. The company would live on inside biotech Regeneron, which said it would continue operating 23andMe’s DNA-testing business and use its database of roughly 15 million DNA samples to help discover new drugs.

Asia
Slight economic optimism prevailed on the East Asian and Australian stock exchanges in late trading on Tuesday – the indices rose moderately. This is because the Chinese central bank has lowered its benchmark interest rate for bank loans (LPR) to companies and households for the first time this year. At the beginning of May, the rate for 7-day reverse repo transactions – an important key interest rate – had already been lowered.

Bonds
In the U.S. bond market, treasuries regained ground after an early slump but remained in the red. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, rose 3.4 basis points to 4.475 percent after reaching a high of 4.562 percent.

Analysis
HSBC raises the Birkenstock target to USD 75 (72) – Buy
HSBC raises the Eon target to EUR 17.70 (16.40) – Buy
UBS raises the Richemont target to CHF 181 (171) – Buy