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EasyJet PLC (LSE:EZJ) reported a 70% fall in third-quarter profit as the Middle East conflict pushed up fuel costs and weakened booking demand. The low-cost airline, which has also been busy fielding takeover offers in recent weeks, posted headline profit before tax of £85 million for the three months to June, down from £286 million a year earlier.
Asian stocks rallied on Wednesday as investors returned to semiconductor shares after a bruising sell-off, taking their cue from a Wall Street rebound even as Brent crude pushed further above $91 a barrel. MSCI's Asia-Pacific gauge outside Japan gained 1.2%, while South Korea's Kospi surged more than 6% and Japan's Nikkei 225 climbed 1.9%.
Japanese stocks were higher following a recovery in U.S. technology stocks overnight.
Japan's imports jumped to a record high in June, government data showed on Wednesday, as a weak yen and soaring oil prices drove up import costs and inflation, leaving the central bank in a policy bind.
The Nikkei 225 Index continued its freefall as technology companies like Softbank, Tokyo Electron, Kioxia, and Advantest plunged ahead of the upcoming big-tech earnings. It plunged by over 4%, reaching its lowest level since June 11.
A bidding war has broken out for budget carrier easyJet after Apollo and Castlelake have both submitted takeover offers. In this article EZJ-GB
Apollo has agreed key terms on a possible £5.7 billion cash offer for easyJet PLC (LSE:EZJ), trumping rival suitor Castlelake and winning the backing of the airline's board. The US private equity giant is proposing £7.15 per share, above the £6.90 that easyJet agreed in principle with Castlelake on Sunday.
A large and powerful typhoon approached a remote chain of islands in Japan's southwest on Friday, prompting authorities to warn of violent winds, torrential rain, landslides and flooding in what could be the region's most destructive storm in years.