Airlines across the world are trying to avoid the worst-case scenario. Some of them reduced the number of employees to reduce costs. It is not surprising as international air travel all but disappeared as governments imposed travel restrictions. Hopefully, it was a good day for airline stocks.
For instance, on June 8 in New Zealand shares of Air New Zealand jumped 9.15% thanks to the announcement. The firm announced a target to return to healthy profits in two years from now by late August 2022. Moreover, Air New Zealand was not the only carrier that had a good day. Japan Airlines’ stock in Japan added about 3%. Furthermore, Korean Air Lines in South Korea gained 0.49%.
Shares of China Southern Airlines listed on the Hong Kong Stock Exchange added 3.66% in afternoon trade. However, shares of Hong Kong’s Cathay Pacific fell by 1.35%.
Also, shares of Singapore Airlines dropped earlier gains to fall 1.62% in afternoon trade. Interestingly, the moves came after the company announced it was able to raise more than 10 billion Singapore dollars ($7.18 billion) in fresh liquidity.
Stocks in Asia and the U.S. labor market
Interestingly, stocks in Asia strengthened their positions thanks to the news that came from the U.S. Last week, U.S. jobs data showed an unexpected jump, this information boosted stocks.
In Japan, the Nikkei 225 gained 1.37% to close at 23,178.10 as shares of robot maker Fanuc advanced 4.01%. Moreover, the Topix index gained 1.13% to end its trading day at 1,630.72.
Mainland Chinese stocks saw gains on the day. The Shanghai Composite added 0.24% to around 2,937.77. At the same time, the Shenzhen Component gained 0.314% to 11,215.76.
Hong Kong’s Hang Seng index slightly increased as of its final hour of trading.
Moreover, South Korea’s Kospi index added 0.11% to close at 2,184.29.