LONDON (ShareCast) - European airline and banking shares are taking a tumble in early dealings Monday morning.
Air France (Paris: FR0000031122 - news)
-KLM and Lufthansa (Xetra: 823212 - news) are down after the International Air Transport Association predicted today airlines could lose more than $9bn in total this year, an estimate more than double its forecast of just three months ago.
Director General Giovanni Bisignani, speaking at Iata's annual meeting, said it was "the most difficult situation the industry has faced". The estimate of losses for 2008 was also revised up to $10.4bn, from its previous level of $8.5bn.
Across the markets, the German DAX is down 63 points at 5,013 with the French CAC falling 54 points to 3,284. The Swiss market is down 33 points at 5,365.
Banks are another drag on Europe's main markets, with UBS (Virt-X: UBSN.VX - news) , Societe Generale (Paris: FR0000130809 - news) , Fortis (Amsterdam: FORAL.AS - news) and Deutsche Bank (Xetra: 514000 - news) all lower.
CAC 40 (Paris: news) - Risers
EADS (Paris: NL0000235190 - news) (EAD) € 11.81 +0.98%
France Telecom (Paris: FR0000133308 - news) (FTE) € 15.98 +0.19%
CAC 40 - Fallers
Bouygues (EN) € 27.26 -3.52%
Alstom (ALO) € 46.08 -3.35%
ArcelorMittal SA (MT) € 24.28 -2.70%
Peugeot (Paris: FR0000121501 - news) (UG) € 21.90 -2.69%
ST Microelectronics (Paris: NL0000226223 - news) (STM) € 5.27 -2.30%
Air France-KLM (AF (Stockholm: 45674.ST - news) ) € 10.60 -2.26%
Vivendi (Paris: FR0000127771 - news) (VIV) € 18.16 -2.23%
Renault (RNO) € 30.15 -1.98%
GDF Suez (Paris: FR0010208488 - news) (GSZ) € 27.18 -1.97%
Veolia Environnement (Paris: FR0000124141 - news) (VIE) € 21.15 -1.70%
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