SkyEurope lives again on possible buyout. easyJet, Austrian slip. European airline shares
European stock markets were down on 12-Dec-08, despite the European Union's announcement of a EUR200 billion economic stimulus anti-recession plan. London's FTSE lost 108.34 points (-2.47%) closing at 4280.35. In Paris the CAC 40 fell 92.53 (-2.80%) to 3213.6, while the Frankfurt DAX 30 lost 103.83 (-2.18%), closing at 4663.37.
Asia Pacific share markets had fallen on the day, following weakness in US markets on 11-Dec-08, caused by doubts over a rescue package for US car makers. North Asia was worst affected. The Hong Kong Hang Seng fell 1076.69 points (-6.9%) to 14537.21, the Tokyo Nikkei decreased 484.68 points (-5.87%) to 8,235.87, while the Australian ASX200 fell 87.6 points (-2.43%) to 3510.4 on 12-Dec-08.
US markets. Then, after most of the other markets were closed, US shares gained a little traction, due to speculation the US government will boost spending on technology. The Dow Jones Industrial Average rose 64.59 points (+0.8%), to 8,629.68, the Nasdaq climbed 17.27 (+1.46%) to 1200.74, while the Standard & Poor's 500 index rose 2.9 points (+0.69%) to 425.22.
Oil prices
Oil prices fell on 12-Dec-08, by USD1.70 a barrel (-3.54%), closing at USD46.28 a barrel. OPEC is expected to announce plans to drastically cut output to lift oil prices after its members meet on 17-Dec-08.
Airline share prices 12-Dec-08
News on Friday 12 December of a possible SkyEurope (+13%) buyout by a special purpose JV between a Greek luxury tourism company and Portuguese investors with a past interest in airlines has breathed new life into the carrier (see full CAPA report "SkyEurope with SAPO may have a new lease on life - perhaps as a luxury LCC").
easyJet (-6.2%) and Austrian (-5.3%) slipped on what was otherwise a relatively quiet day for Europe's airlines.
European selected airlines daily share price movements (% change): 12-Dec-08
