Data Shows Americans Largely Ignored Public Health Experts' Pleas To Avoid Thanksgiving Travel

AP News | |

Americans couldn’t resist the urge to gather for Thanksgiving, driving only slightly less than a year ago and largely ignoring the pleas of public health experts, who begged them to forgo holiday travel to help contain the coronavirus pandemic, data from roadways and airports shows.

The nation’s unwillingness to tamp down on travel offered a warning in advance of Christmas and New Year’s as virus deaths and hospitalizations hit new highs a week after Thanksgiving. U.S. deaths from the outbreak eclipsed 3,100 on Thursday, obliterating the single-day record set last spring.

Delta and Southwest Warn COVID-19 Surge May Negatively Impact Holiday Travel

Reuters | |

Delta Air Lines and Southwest Airlines on Thursday cautioned that the recent surge in COVID-19 cases may have a negative impact on travel over the winter holidays, a period the sector had hoped would see improved bookings.

The United States on Wednesday reported new COVID-19 infections reached an all-time daily high for a second day in a row and the number of people hospitalized also surged to the highest ever during the pandemic.

“With the U.S. hitting a grim milestone of 10 million positive cases and outbreaks in Europe and other parts of the world, all signs point to a challenging winter ahead,” Delta Chief Executive Ed Bastian said in a memo.

Mastercard Misses Earnings Estimates on Global Travel Slowdown

Reuters | |

(Reuters) - Mastercard Inc’s quarterly profit missed analyst estimates on Wednesday as the COVID-19 pandemic led to a slowdown in global travel and related spending, sending the payment processor’s shares more than 4% lower.

The pandemic has forced companies to lay off workers by the millions, hurting their spending power, and the hit to air travel has also taken a toll on cross-border card transaction volumes.

Mastercard reported a 36% drop in cross-border volume on a local currency basis in the reported quarter. Gross dollar volume, the dollar value of transactions processed, rose 1% to $1.6 trillion.

Boeing Cuts Long-Term Forecast for Airplane Demand for First Time Since 2009

Reuters | |

Boeing cut its rolling 20-year forecast for airplane demand on Tuesday as economic turmoil from the COVID-19 pandemic lays waste to deliveries in the next few years.

Boeing, which dominates jet sales together with Europe's Airbus, forecast 43,110 commercial aircraft deliveries over the next 20 years, down 2% from 44,040 projected a year ago and worth an unchanged $6.8 trillion at list prices.

While fleets are still expected to almost double, it is the first time Boeing has cut the 20-year demand forecast in terms of the number of deliveries since the 2009 financial crisis.

Advertising Executives Will Have To Wait Longer for Industry Recovery

Reuters | |

Not so long ago, advertising executives were banking on the start of an industry recovery as early as the third quarter after the global coronavirus pandemic decimated marketing budgets this year.

But the rebound will be slower than expected as the restart of the U.S. economy has stumbled across many states and COVID-19 infections have spiked in key regions including California, Florida and Texas. Ad market forecasters said they are likely to lo...

European Union Countries May Bar American Travelers Because of US Failure To Control Coronavirus

Reuters | |

NEW YORK (Reuters) - European Union countries eager to revive their economies are prepared to bar entry to Americans because the United States has failed to control the coronavirus pandemic, the New York Times reported from Brussels on Tuesday, citing draft lists of acceptable travelers.The United States, which has the most coronavirus cases in the world and is experiencing a surge in new infections, would be in the same category as No.2 hotspot Brazil and Russia, according to the Times, citing ...

IATA Says Airline Industry Will Lose $84 Billion in 2020 From Coronavirus

Reuters | |

PARIS (Reuters) - The coronavirus crisis will lead the airline industry into record annual losses of $84 billion as 2020 goes down as the “worst year in the history of aviation”, the sector’s main global body predicted on Tuesday.Airline passenger traffic is expected to rise 55% in 2021 from its depressed level this year, while still remaining 29% below its 2019 level, the International Air Transport Association (IATA) said in an updated forecast.As an air travel recovery gathers pace in A...

Border Closures Leave Travelers Stranded Far From Home

AP News | |

Many travelers appealed to their governments for help getting home.

EU Leaders Condemn Trump Travel Ban, Urge Cooperation Instead of Unilateral Action

AP News | |

Trump called COVID-19 a “foreign virus” and claimed that European travelers “seeded” infection clusters in the United States.

Travel Ban Leaves Barred Europeans at the End of Lonely Street

AP News | |

The travel ban announced by U.S. President Donald Trump to try to reduce the spread of the new coronavirus threw Europeans’ best-laid plans into utter disarray Thursday.

Sponsored Financial Content

Market Movers