Issue Summary

The fourth quarter is now underway, with the Covid crisis showing few signs of easing. There is, to be sure, some positive momentum in a few domestic markets. Russia is leading the way with y/y demand growth. China’s not quite there yet but on its way. Momentum is building in New Zealand, South Korea, and Vietnam. Even in these countries though, airlines are suffering mightily from the absence of international demand and a depressed fare environment at home.