- German recession deepening - Europe's stock markets tumble, taking airlines with them.
European shares suffered heavy losses on 14-Jan-09, with London's FTSE 100 index plunging 218.5 points (-4.97%) to 4,180.6. British Airways traded lower than the market, falling 5.4%.
France's CAC index fell 145.9 points (-4.6%) to 3,052, with Air France-KLM also underperforming the index with a 5.9% fall.
But Germany's weak economy headlined the news yesterday, with GDP estimates showing a 1.5-2.0% contraction in the fourth quarter from the third. German Chancellor, Angela Merkel, presented a EUR50 billion stimulus programme to parliament, stating, "Germany is witnessing its worst economic period in decades. It is a situation in which economic textbooks serve no purpose". The DAX index lost 214.6 points (-4.6%) to 4,422.4, though Lufthansa did slightly better, falling 3.8%.
European selected airlines daily share price movements (% change): 14-Jan-09
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