The aviation industry has to deal with huge pressure caused by the coronavirus pandemic. The airlines suffered huge losses. Moreover, rising coronavirus cases have the potential to create additional problems for the industry. Shares of airlines in Asia-Pacific fell on Tuesday.
Interestingly, in Hong Kong, shares of China Eastern Airlines fell 4.8% and shares of China Southern Airlines dropped 5.27%. Moreover, the shares of Cathay Pacific fell 2.11%.
In South Korea, shares of Korean Air Lines dropped 2.39%. Also, Australia’s Qantas Airways fell 1.82%.
Shares of Singapore Airlines declined 1.75% as of around 4:27 p.m. HK/SIN.
European countries are likely to introduce more restrictions on public life in the coming days due to a rapid rise in the number of daily coronavirus infections. For example, the U.K. is set to reimpose some restrictions from Thursday. It is understandable as the country faces a second wave of infections.
Stocks in the Asia-Pacific
Stocks in Asia suffered losses on the day. Notably, South Korea’s Kospi led losses among the region’s major markets as it fell 2.38% to close at 2’332.59.
Also, the Hang Seng index in Hong Kong dropped 0.98% to finish its trading day at 23’716.85. Importantly, HSBC saw its stock drop 2.05% while Standard Chartered fell 2.29%. As a reminder, both of them suffered losses on Monday. According to reports, they allegedly moved large sums of suspicious funds.
Mainland Chinese stocks fell on September 22. The Shanghai Composite declined 1.29% to about 3’274.30. At the same time, the Shenzhen Component fell 0.959% to around 13’023.43.
Australia’s S&P/ASX 200 dropped 0.66% to end its trading day at 5’784.10.
Markets in Japan were closed on September 22 for a holiday.
On Monday, the Dow Jones Industrial Average dropped 509.72 points or 1.8% to close at 27’147.70. Also, the S&P 500 fell 1.2% to finish its trading day at 3’281.06. The Nasdaq Composite declined just 0.1% to 10’778.80.
Interestingly, for the first time since February, the S&P 500 posted four straight daily losses. Moreover, the Dow had its worst day since September 8.