US travel alert sparks fall in Asian airline shares
Tuesday, 25 Nov, 2015
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The US State Department has taken the rare step of issuing a global travel alert for US citizens travelling overseas.
It immediately caused some jitters in the markets, with millions of dollars wiped off the value of airline shares in Asia Pacific.
Air New Zealand shares fell by as much as 3%, followed closely by China Southern Airlines, Qantas and Cathay Pacific.
"At this stage it’s probably just a short-term thing but as we look further ahead it does make you wonder whether, if terrorist attacks do start escalating further, then it is going to have quite a medium-term effect on the overall travel industry," said financial analyst Andrew Kelleher.
European travel stocks also fell after tensions were heightened once again when Turkey downed a Russian warplane near the border with Syria.
Citing recent terror attacks in France and Mali and the bombing of a Russian plane in Egypt, the US said terror groups including the Islamic State, al-Qaeda and Boko Haram ‘continue to plan terrorist attacks in multiple regions.’
It also says there is a real possibility of ‘lone wolf’ attacks.
"There is a continuing threat from unaffiliated persons planning attacks inspired by major terrorist organizations but conducted on an individual basis."
It is cautioning US citizens to exercise vigilance at large public events and on public transportation.
The alert does not specify which countries or regions are more likely to be targeted but the warning is in effect for the next three months.
"Be aware of immediate surroundings and avoid large crowds or crowded places. Exercise particular caution during the holiday season and at holiday festivals or events," it said.
TravelMole Editorial Team
Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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