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British Airways owner IAG falls sharply following Lufthansa profit warning

Shares in British Airways owner International Consolidated Airlines Group SA (LSE:IAG) fell sharply following German counterpart Lufthansa Group’s profit warning earlier today.

The German flag carrier lowered its full-year guidance following a dramatic slide in quarterly earnings.

Lufthansa reported a preliminary Adjusted EBIT of €686 million in the second quarter, down sharply from €1.1 billion the previous year.

Fearing cross contamination with other major international carriers, the market swiftly bid IAG shares lower, bringing the stock nearly 3% down from yesterday’s close