'Massive Shock' and Battered Airline Stocks in Europe With Trump's Travel Ban
‘Massive Shock’ and Battered Airline Stocks in Europe With Trump’s Travel Ban
The damage is likely to go well beyond tourism, as business plans are disrupted and consumer confidence is shaken.
'President Trump’s abrupt decision to shut America’s borders to most European travelers sowed chaos at the Continent’s airports and at travel-related businesses Thursday, as airlines scrambled to figure out how to halt flights to the United States and governments warned of potentially devastating financial costs.
French Finance Minister Bruno Le Maire spoke of a “massive shock,” and European officials reacted angrily after Mr. Trump late Wednesday announced that he would suspend travel from Europe to the United States for 30 days starting Friday, with the exception of Britain. The State Department warned Americans that they should reconsider all international travel, the most severe caution it can offer short of “do not travel.”
“The coronavirus is a global crisis, not limited to any continent, and it requires cooperation rather than unilateral action,” the European Commission said. “The European Union disapproves of the fact that the U.S. decision to impose a travel ban was taken unilaterally and without consultation.”
The move hammered shares of European airline and travel stocks as the sector braced for a nearly unprecedented brake on activity. Air France, Lufthansa and IAG, the owner of British Airways and Iberia, fell as much as 13 percent. In early trading in the United States, American Airlines fell about 14 percent, and Delta Air Lines fell 12 about 12 percent.'>>>
https://www.nytimes.com/2020/03/12/business/trump-europe-travel.html
= new reply since forum marked as read
