Uncertain is the word that sums up European aviation as it enters 2017 with the tailwinds of the UK’s decision to exit the European Union (Brexit), repeated terrorist attacks and continued labor battles. Forecast revisions over the past few months demonstrate market volatility. For example, Lufthansa forecast “slightly above previous year” full-year EBIT in March, downgraded it to “below previous year” in July and then upgraded it again to “approximately ...

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