By Geoffrey Smith
- Airline stocks came under fresh pressure again on Thursday as the International Air Transport Association appealed for government help for the industry as it sharply raised its assessment of the economic hit to be expected from the coronavirus.
The IATA said in a statement that it now sees total revenue losses this year for the industry as high as $113 billion - nearly four times its previous estimate of $29 billion.
European airline stocks tumbled again on the update, with Air France KLM (PA:AIRF) falling 8.1% and IAG (LON:ICAG), the parent company of British Airways and Iberia, losing 4.0% by 5:40 AM ET (1040 GMT).
Discount flyer Norwegian Air Shuttle ASA (OL:NWC), which was already struggling with a massive debt burden and a fleet of grounded Boeing (NYSE:BA) 737 MAXes even before the coronavirus outbreak, fell another 6.5%, bringing it closer to a new 11-year low.
