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Swine flu fears hit travel shares Swine flu fears hit travel shares
(about 3 hours later)
Shares in airlines and travel firms have fallen sharply around the world on concerns about the economic impact of the swine flu outbreak.Shares in airlines and travel firms have fallen sharply around the world on concerns about the economic impact of the swine flu outbreak.
With the outbreak in Mexico spreading to the US, Canada and Spain, shares in British Airways were down 8.4%, while cruise firm Carnival had fallen 7.5%. With the outbreak in Mexico spreading to the US, Canada and Spain, shares in British Airways were down 8.7%, while cruise firm Carnival had fallen 7%.
Investors fear the flu outbreak may lead to people cancelling overseas trips, or even travel restrictions.Investors fear the flu outbreak may lead to people cancelling overseas trips, or even travel restrictions.
But some shares have risen, such as Roche, maker of a key anti-flu drug.But some shares have risen, such as Roche, maker of a key anti-flu drug.
'Real concern''Real concern'
Analysts said investors were more cautious than panicked, but still concerned that if the outbreak worsened, especially in the US, it could potentially derail economic recovery efforts.Analysts said investors were more cautious than panicked, but still concerned that if the outbreak worsened, especially in the US, it could potentially derail economic recovery efforts.
Swine flu is ripping through the markets, creating uncertainty in its wake Manoj Ladwa, ETX Capital Economy braced for swine flu impactSwine flu is ripping through the markets, creating uncertainty in its wake Manoj Ladwa, ETX Capital Economy braced for swine flu impact
"In essence, this is an already dangerous time for financial markets, so to have this spectre developing right now is just cause for some very real concern," said analyst James Hughes of CMC Markets."In essence, this is an already dangerous time for financial markets, so to have this spectre developing right now is just cause for some very real concern," said analyst James Hughes of CMC Markets.
In other developments:In other developments:
• Shares in most UK-listed travel firms were lower, with hotel business Intercontinental down 4.9%, and tour operator Thomas Cook falling 5.4% • Shares in most UK-listed travel firms were lower, with hotel business Intercontinental down 4.4%, and tour operator Thomas Cook falling 4.5%
• ABTA, the UK's main travel association, said there were "no suggestions" there had been any outbreaks of the flu in Mexico's main tourist regions, and that normal booking conditions still applied - though tourists have been warned against travel to areas with swine flu by the European Union's Health Commissioner• ABTA, the UK's main travel association, said there were "no suggestions" there had been any outbreaks of the flu in Mexico's main tourist regions, and that normal booking conditions still applied - though tourists have been warned against travel to areas with swine flu by the European Union's Health Commissioner
SWINE FLU Swine flu is a respiratory disease thought to spread through coughing and sneezingSymptoms mimic those of normal flu - but in Mexico more than 100 people have diedGood hygiene like using a tissue and washing hands thoroughly can help reduce transmission 'I couldn't get out of bed' Q&A: Swine flu In pictures: Swine fluSWINE FLU Swine flu is a respiratory disease thought to spread through coughing and sneezingSymptoms mimic those of normal flu - but in Mexico more than 100 people have diedGood hygiene like using a tissue and washing hands thoroughly can help reduce transmission 'I couldn't get out of bed' Q&A: Swine flu In pictures: Swine flu
• Airlines around the world have seen their shares fall, with Hong Kong's Cathay Pacific ending down 8% and Australia's Qantas losing 4%• Airlines around the world have seen their shares fall, with Hong Kong's Cathay Pacific ending down 8% and Australia's Qantas losing 4%
• German tour operator TUI says it is cancelling all flights to Mexico City as a precaution• German tour operator TUI says it is cancelling all flights to Mexico City as a precaution
• Shares in Swiss firm Roche - the manufacturer of anti-flu drug Tamiflu - rise 4% after it says it is increasing production. Shares in UK rival GlaxoSmithKline, which makes anti-flu drug Relenza, also gain, adding 3% • Shares in Swiss firm Roche - the manufacturer of anti-flu drug Tamiflu - rise 4% after it says it is increasing production. Shares in UK rival GlaxoSmithKline, which makes anti-flu drug Relenza, also gain, adding 5.6%
• Russia bans imports of pork from North and Latin America, despite the swine flu in question not infecting pigs• Russia bans imports of pork from North and Latin America, despite the swine flu in question not infecting pigs
• US soy and corn prices have fallen on fears that the flu outbreak will cause a slump in demand for pork products, which would hit sales of animal feed• US soy and corn prices have fallen on fears that the flu outbreak will cause a slump in demand for pork products, which would hit sales of animal feed
• Oil prices fall on concerns that the flu outbreak will knock the world economy. US light crude was down $2.59 a barrel to $48.96.• Oil prices fall on concerns that the flu outbreak will knock the world economy. US light crude was down $2.59 a barrel to $48.96.
'Health emergency''Health emergency'
The declines in airline and travel stocks has dragged down most European and Asian stock markets. The declines in airline and travel stocks dragged down most stock markets.
Shares in airlines have fallen around the worldShares in airlines have fallen around the world
In early afternoon trading, the UK's main FTSE 100 index was down 37 points, or 0.9%, at 4,119, while Germany's Dax had lost 1.6%. Wall Street's main Dow Jones index was down 12 points or 0.2% to 8,064 in early trading.
Meanwhile, in afternoon trading in Europe, the UK's main FTSE 100 index was down 7.5 points or 0.2% to 4,148, while Germany's Dax had lost 1%.
Hong Kong's Hang Seng share index had earlier ended down 2.7%. Japan's Nikkei index managed to end up 0.2% after takeover news in the semiconductor sector.Hong Kong's Hang Seng share index had earlier ended down 2.7%. Japan's Nikkei index managed to end up 0.2% after takeover news in the semiconductor sector.
"Swine flu is ripping through the markets, creating uncertainty in its wake," said trader Manoj Ladwa of ETX Capital in London."Swine flu is ripping through the markets, creating uncertainty in its wake," said trader Manoj Ladwa of ETX Capital in London.
The World Health Organization has declared the flu a "public health emergency of international concern", warning that it could spark a pandemic, or global outbreak.The World Health Organization has declared the flu a "public health emergency of international concern", warning that it could spark a pandemic, or global outbreak.