Aviation blows hard on stock exchanges, Air France-KLM drops 9 percent

Aviation blows hard on stock exchanges, Air France-KLM drops 9 percent

The already troubled European airlines were again hit hard on the stock markets on Friday. Investors were shocked by the news of the discovery of a new corona variant in South Africa. The United Kingdom immediately closed its borders to six African countries to keep the new variant out. The Netherlands will no longer allow flights from southern Africa from 12 noon. The European Union, Japan and Australia also want to ban flights from the region.

The World Health Organization (WHO) will discuss the dangers of the new variant on Friday, which differs in many ways from the now-prevailing Delta variant. According to scientists, it is still too early to say anything about the effectiveness of the existing vaccines against the new variant.

Air France-KLM lost 9.5 percent of value in Amsterdam. KLM flies to South Africa thirteen times a week. KLM has no connections with the other countries in southern Africa for which the Netherlands has imposed a flight ban. Lufthansa lost 12 percent in Frankfurt and IAG, the parent company of British Airways and Iberia, plunged 14 percent in London. Travel organization TUI lost 9 percent and budget airlines Ryanair and easyJet fell 10 and 11 percent.

Oil prices also fell on fears that demand for oil may fall again due to the new travel restrictions. A barrel of US oil was 6.6 percent cheaper at $73.23. Brent oil cost 5.6 percent less at $77.62 a barrel. Major oil producers such as Shell, BP and TotalEnergies also went on sale as a result and were put more than 5 percent lower.

The AEX index on Beursplein 5 was 2.4 percent in the red at 788.29 points around noon. The last time the gauge closed below the 800-point mark was on October 18. The MidKap fell 2.5 percent to 1038.93 points. The stock exchanges in Frankfurt, London and Paris lost up to 3.8 percent.

Unibail-Rodamco-Westfield, which has a lot of retail real estate, was the largest decliner in the AEX, with a loss of more than 9 percent. Banks and insurers, which have recently benefited from the prospect of higher interest rates, have been severely punished. The new corona variant may mean that central banks will be less likely to reduce their support measures for the economy and that possible interest rate hikes will be postponed longer. Aegon, ING and ABN AMRO lost up to 8 percent.

The euro was worth $1.1282, compared to $1.1213 a day earlier.

Aviation blows hard on stock exchanges, Air France-KLM drops 9 percent
Source link Aviation blows hard on stock exchanges, Air France-KLM drops 9 percent

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