European shares hit two-week high on strong results

European shares hit a two-week high on Wednesday, supported by strong results and gains in energy stocks, while airline headlines were dragged by a potential EU review of ownership rules. In Dublin, Ryanair shares fell 1.88% to €24.58 after reports that the EU is considering changing requirements that more than 50% of member-state airlines be EU-controlled. Reuters quoted an EU official saying the review would “protect strategic autonomy” for regional carriers, a move that dealers said pressured airline stocks, including EasyJet, which slid 12% to 585.2p. EasyJet’s drop raised fears the EU action could disrupt a bidding battle between U.S. investors Apollo and Castlelake, while Wizz Air fell 2.8% to 1,037p. Elsewhere, Cairn Homes rose 2% to €2.51 and Greencore climbed about 8.5% in London. The STOXX 600 gained 0.6% to 647.07, with energy up 0.8% as Brent rose above $93 a barrel after tankers reportedly turned back from the Red Sea.