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Found 6 results

  1. As the bond rate inversion curve appeared on 14-Aug-2019 in the US and the UK, Wall Street headed rapidly south. A number of other countries have already this experienced inversion for a while. And in Germany, the world’s fourth largest economy, GDP growth rate went into reverse in 2Q2019. Does this mean recession is coming, or even imminent? Air freight numbers have been steadily falling for nearly a year. They used to be good forward indicators of where the world economy is headed, but not so much in recent years. Passenger traffic growth too has slowed markedly in the past year. Global trade conflict is creating uncertainty and aviation is inevitably caught up in that. So are we heading for trouble, and if so, when? Air Freight is not only an economic indicator, but a large revenue earner Especially for airlines in Asia Pacific, freight contributes considerably to overall revenues. And, since late-2018, the freight downturn has hit almost all regions, as this IATA chart shows. Freight tonne kilometres (FTKs) fell nearly 5% y-o-y in Jun-2019, the eighth consecutive month for negative annual growth. FTK growth by region, Jan-2016 to Jun2019 Source: IATA Economics The aggregated figure shows this emerging trend clearly, as the seasonally adjusted line tracked down since late 2018. Freight Tonne Kilometre growth 2014-2019 Source: IATA Economics Uncertainty is the killer ingredient for trade and investment There are conceivably two factors involved in this air freight trend: a broad slowing in many economies, cooling imports and exports, and the flow on impact of the accelerating trade dispute. In this mix, uncertainty is the common and increasingly dominant feature. Uncertainty leads to reluctance to invest and that, simply and predictably, flows down the line. President Trump’s recent threat to impose higher duties on a range of Chinese exports can be imagined as having a similar effect to that in a three mile long freight train, when the driver slams on the breaks. All down the train there is a thud-thud-thud as each truck hits the one in front of it, each creating disruption. Then, when the driver suddenly pushes the train back into fast forward, the process is repeated in reverse, thud-thud-thud, with each impact creating repercussions for every part of the supply chain. Those repercussions translate to bankruptcy for some in the supply chain, as payments and commitments become more unpredictable. Strong passenger growth of recent years is slowing fast Passenger number growth has slowed in most markets, notably Europe; 5.4% is still healthy growth but it is trending downwards. Only Latin America, Africa and Asia Pacific were up, month over month. International passenger traffic growth, year to May-2019, by region* *by airline region of registration Source: IATA Economics World markets have been skittish for some time Most of the world’s stock markets take their lead from Wall Street, which in turn is a fair reflection of the world’s most powerful economy. And, fuelled by tax reductions and low interest rates, that economy has been growing strongly for over a year. More recently, as the trade war has escalated, direct and collateral damage has spread through the world economy. The 14-Aug-2019 800-point fall in the Dow was the worst single day drop of the year, although the second worst fall, of 768 points had occurred the previous week. Recent behaviour has been for a quick recovery on the following day. And the index is still well above where it started the year and happily in front of the mini-slump in Jun-2019. The Dow Jones Index performance 1-Jan-2019 to 14-Aug- 2019 Source: google But some US airline stocks have had a less positive year Despite a solid profit performance in recent years, and professed expectations that high profitability would continue indefinitely, investors have been less kind to the US majors. American notably has borne the brunt of negative sentiment. American Airlines Group share price performance 1-Jan-2019 to 14-Aug- 2019 United Airlines share price performance 1-Jan-2019 to 14-Aug- 2019 Delta has been a standout, and even when the overall market came down 3%, managed to sustain a slightly smaller fall. Delta Air Lines share price performance 1-Jan-2019 to 14-Aug- 2019 And JetBlue too has been a strong performer, caught in the day's downdraft. JetBlue share price performance 1-Jan-2019 to 14-Aug- 2019 Globally, the airline share price picture is somewhat gloomier When viewed against generally strong overall share markets, the airline sector has clearly come off its highs of 2017 and 2018, when oil prices were low and traffic was stimulated by lower fares. Lufthansa has disappointed, down over 25% since Jan-2019. Meanwhile, by contrast, the DAX Index is up nearly 10% over 2019. Lufthansa share price performance 1-Jan-2019 to 14-Aug- 2019 Battered by Brexit, the International Airlines Group share price is down by one third for the year. There may be more to come, as B-Day looms. IAG share price performance 1-Jan-2019 to 14-Aug- 2019 Oddly enough, despite its weak marketplace performance, Air France-KLM's stock has performed relatively well, compared with its European airline neighbours. Air France-KLM share price performance 1-Jan-2019 to 14-Aug- 2019 In Asia, steep competition and recent trade insecurity have taken their toll on airline share prices Although performing sluggishly in 2019, Singapore Airlines has been relatively unaffected by the US uncertainty of the night before. Singapore Airlines share price performance 1-Jan-2019 to 15-Aug- 2019 Cathay however has other problems in the short term, as well as being a victim of the freight downturn, a significant earner for the airline. Its share price is down nearly 6% on the day following the Dow’s 3% fall. Cathay Pacific share price performance 1-Jan-2019 to 15-Aug- 2019 Asia’s largest international airline by passenger numbers is being affected by stern competition in the marketplace. AirAsia share price performance 1-Jan-2019 to 15-Aug- 2019 Meanwhile, China’s major airlines are being impacted by slowing overall economic growth in the country. They have however not been greatly affected by the overnight falls on Wall St. Air China share price performance 1-Jan-2019 to 15-Aug- 2019 China Eastern share price performance 1-Jan-2019 to 15-Aug- 2019 The major airline in the South Pacific, Qantas, dominates its domestic market and until now economic conditions have held up well. But here again, investor fragility in the face of growing uncertainty is evident with its post-Wall Street performance, on 15-Aug-2019. Qantas share price performance 1-Jan-2019 to 15-Aug- 2019 LATAM is spread across several Latin American countries and tends to reflect not only the growing level of competition, but also the strength of the region’s economy. Argentina’s rapid slump manages to pollute some of its neighbours too, notably Brazil, its largest trading partner. The size of the airline’s share price fall on 14-Aug-2019, more than twice the Dow’s drop, illustrates the sensitivity of investors towards the region’s airline market. LATAM share price performance 1-Jan-2019 to 14-Aug-2019 Preparing for stormy weather It may be that the markets will rebound quickly. Recent performance would suggest something of a rebound on Wall Street. But the volatility of the share market and a growing degree of pessimism, especially outside the US, means that any prudent airline will be looking to create a buffer in the event of a slowing in demand. https://centreforaviation.com/analysis/reports/whats-going-on-in-the-world-economy-and-where-is-aviation-heading-488084
  2. July 30, 2019 American Airlines Group president Robert Isom reported the carrier’s performance in the US domestic market was “broad based” during 2Q2019 (Seeking Alpha, 25-Jul-2019). Mr Isom noted domestic demand is expected to “remain robust” in the future, with the region anticipated to be the “best performing entity” in 3Q2019. Unit revenue in the Atlantic increased 3%, despite currency headwinds, while international point of sale remained “challenging”. Unit revenue in Latin America increased 4.4%, with Brazil and Mexico proving to be “particularly strong”, while Argentina and the Dominican Republic experienced headwinds. Unit revenue was positive in Japan, Hong Kong and Australia, he noted, adding the carrier was able to increase its load factor in China while reducing capacity, despite the country’s “soft” pricing environment. https://blueswandaily.com/american-airlines-group-president-unit-revenue-strong-in-latin-america-broad-based-in-domestic/
  3. March 27, 2018 CAPA – Centre for Aviation stated (27-Mar-2018) American Airlines reportedly plans to announce the launch of Los Angeles-Buenos Aires service and resumption of Miami–Porto Alegre and Miami-Recife services in the near future. https://blueswandaily.com/american-airlines-may-announce-new-service-to-argentina-brazil-in-near-future-report/
  4. May 24, 2019 Chile‘s Supreme Court overruled the Court of Free Competition’s (TDLC) decision on the JBA between LATAM Airlines Group, American Airlines and IAG, and rejected the JBA proposal (La Tercera/Reuters, 23/24-May-2019). The court decided the combined market-share resulting from the alliance “would be hard to challenge”. The carriers have alternative plans to pursue the partnership in markets other than Chile. https://blueswandaily.com/chile-supreme-court-rejects-jba-between-latam-american-airlines-and-iag-as-hard-to-challenge/
  5. May 1, 2019 American Airlines Group president Robert Isom reported the airline “led the industry” in performance in the Atlantic and Pacific year-on-year, with unit revenue in Japan growing by double digits (Seeking Alpha, 26-Apr-2019). Mr Isom noted performance in Latin America was “weak”, due to unit revenues in Argentina and Venezuelafalling by more than 20%. A more “positive territory” is expected in Latin America in 2Q2019. https://blueswandaily.com/american-airlines-group-president-performance-weak-in-latin-america-strong-in-atlantic-and-pacific/
  6. Por AFP 15 mar 2019 - Publicado em 15 mar 2019, 13h50 A companhia afirmou que não considera a Venezuela um país seguro para passageiros e funcionários. Washington — A companhia aérea americana American Airlines anunciou nesta sexta-feira a “suspensão temporária” dos seus voos à Venezuela, alegando “motivos de segurança”, uma decisão tomada um dia depois que Washington informou que todos seus diplomatas tinham abandonado o país caribenho. https://exame.abril.com.br/negocios/american-airlines-suspende-voos-para-a-venezuela/
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