Airline stocks plunge on warnings of the ‘worst year in the history of aviation,’ as one of Europe’s biggest carriers announces 22,000 layoffs

Reuters Lufthansa announced on Thursday it would slash 22,000 jobs over COVID-19. The operator also said it expects 100 fewer aircrafts after the pandemic.  Shares in the big four airlines — United Airlines, Delta Airlines, American Airlines and Southwest Airline tanked between 11% and 16%. Stock markets dived down after the Fed chair Jerome Powell’s…

Airline stocks plunge on warnings of the ‘worst year in the history of aviation,’ as one of Europe’s biggest carriers announces 22,000 layoffs

Reuters
Lufthansa announced on Thursday it would slash 22,000 jobs over COVID-19.
The operator also said it expects 100 fewer aircrafts after the pandemic. 
Shares in the big four airlines — United Airlines, Delta Airlines, American Airlines and Southwest Airline tanked between 11% and 16%.
Stock markets dived down after the Fed chair Jerome Powell’s speech on Wednesday.
Fears that a second wave of COVID-19 cases due to hit the US also caused markets to be in bear territory.
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Shares in major aviation stocks tanked on Thursday after German airline Lufthansa announced it would slash 22,000 jobs due to COVID-19. 
Lufthansa is bracing for a slow recovery in demand and said the number of aircraft it operates will fall by 100 post-COVID-19. 
Lufthansa’s Frankfurt-traded stock was down 7% at 10.36 euros ($11.77) as of around 3.50 p.m. German time (9.50 a.m. ET).

The negative sentiment poured into a number of aviation stocks, most notably the big 4 US stocks saw sharp declines. 
Shares in United Airlines, Delta Airlines, American Airlines and Southwest Airlines tanked in early trading, losing between 8% and 13%.
As of 9.45 a.m. ET, United was the biggest loser, dropping 13%. Delta and American were close behind, d
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