Global stocks plummeted after President Donald Trump imposed travel restrictions from several European countries.
One analyst said the global airline industry has lost $41 billion in just one month due to the growing risk surrounding coronavirus. While global stocks slipped into turmoil, individual airline stocks nosedived on the news. On Thursday, the European travel and leisure index was down 10% with major airlines such as Air France-KLM, Lufthansa and British Airways-owned IAG down more than 10%. Shares in plane-maker Airbus dropped 9% in the morning trading.
"Out of all the other sectors, this could be the most fruitful short trade for investors given the global lockdown situation that we are facing because of coronavirus. I expect bigger companies to take advantage of the available credit lines now and buy smaller players. So, towards the end of this year or third quarter, we are likely to hear more mergers and acquisition news."
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Global stocks plunge as Trump measures on pandemic disappointThe MSCI all-country world index enters a bear market as European shares hit their lowest in nearly four years
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