Issue Summary

Second-quarter and first-half earnings for European airlines have proved to be a mixed bag. While their U.S. counterparts pop open champagne and say the worst of the crisis is over, European airline CEOs are more measured. Some markets, like Spain, are coming back quickly, fueled by leisure travel and helped by the country's relatively faster reopening, while others remain moribund. CEOs express very cautious optimism about the second half of the year but admit that the real recovery may not start until early next year. And here's yet another sobering statistic: IAG reported that business travel across its system is…