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Air France-KLM (NR/BB+/BBB-) equities bid on broker upgrade

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Equities are going bid on a broker upgradefrom JP. It's flagging the two recent themes; falling fuel costs (has rolling impact as they hedge forward) {JET1NECC Index; 702, -18% YTD} and 1H airfare falls that may be moderating (our read from Ryanair CEO's comments and August inflation data - below).


Aerport de Paris which reports monthly traffic for Paris CDG and Orly airport's didn't' reveal anything dramatic; 5.3% and 3.4% traffic growth respectively which is not far off YTD run rates and still leaves CDG at 91% of 2019 levels. Traffic is less of a focus (we get monthly passenger numbers from many of the airlines) - load factors (how capacity is being adjusted to meet that), yields/pricing and cost discipline more important for us.

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Equities are going bid on a broker upgradefrom JP. It's flagging the two recent themes; falling fuel costs (has rolling impact as they hedge forward) {JET1NECC Index; 702, -18% YTD} and 1H airfare falls that may be moderating (our read from Ryanair CEO's comments and August inflation data - below).


Aerport de Paris which reports monthly traffic for Paris CDG and Orly airport's didn't' reveal anything dramatic; 5.3% and 3.4% traffic growth respectively which is not far off YTD run rates and still leaves CDG at 91% of 2019 levels. Traffic is less of a focus (we get monthly passenger numbers from many of the airlines) - load factors (how capacity is being adjusted to meet that), yields/pricing and cost discipline more important for us.

Keep reading...Show less