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Airline stocks plummeted after ban on US entry from Europe

US, WASHINGTON (NEWS OBSERVATORY) — European airline stocks fell by almost 10% on Thursday after President Donald Trump announced a 30-day ban on entering the U.S. from Europe, responding to calls to curb the rapidly spreading coronavirus epidemic.

Trump’s unexpected decision was another blow to the sector, which suffered from a wave of travel bans around the world and a fall in passenger traffic due to a virus outbreak that was declared a pandemic on Wednesday.

Trump’s decision shocked the stock markets, while the pan-European STOXX 600 index fell 5.61% to 11:27 Moscow time, mainly due to the weakening of the tourist sector.

Air France KLM shares, having lost more than half of their value after the outbreak of coronavirus in Europe, fell 12.16%, having previously reached a minimum since August 2012.

Shares of Lufthansa and IAG, the owner of British Airways and Iberia, fell 9%. Paper cruise operator Carnival reached an 11-year low.

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