Airline stocks have been hit heavily in early European trade after a raft of capacity reduction announcements as the impact from the coronavirus outbreak tightens its grip.
Shares in BA parent IAG fell more than 20 per cent after it said this morning it would cut capacity by 75 per cent over the next two months. Air France-KLM, which said capacity would be reduced by up to 90 per cent over the coming days, saw an 18 per cent share price dip.
Low-cost carrier easyJet, which this morning warned of an existential risk to the survival of European airlines, experienced a 26 per cent share price dip. Germany's Lufthansa was down 11 per cent.
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