Airbus lifts aircraft production plans as ‘aviation recovery begins’ Business –

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Hello and welcome to our continued coverage of the global economy, financial markets, euro area and business.
After seeing demand battered by the pandemic, aerospace manufacturer Airbus says the recovery is starting.

It has alerted its suppliers to prepare for a sharp ramp-up in production of its popular A320 single-aisle passenger jets, as it sets the target above pre-pandemic levels in two years.

The European aerospace group has confirmed its intention to increase production of the A320 to 45 jets per month in the last quarter of this year, compared to 40 currently.

He also set a new target for suppliers – 64 one month into the second quarter of 2023, and wants to make sure it has the long-term capacity in place. It is above the peak of 60 / month that it reached in 2019, before Covid-19.

Airbus says it expects the commercial aircraft market to return to pre-COVID levels between 2023 and 2025, dominated by the single-aisle segment.

Guillaume Faury, Airbus CEO, said this morning:

“The aviation industry is starting to recover from the COVID-19 crisis”

In the longer term, Airbus expects a “continued market recovery”. He also asks suppliers to “allow a scenario” for production to develop further. 70 by the first quarter of 2024.

And in the long run, he’s also investigating whether that might boost production. 75 by 2025.

This strong rise seems to be a sign of confidence in the recovery of the aviation industry after the pandemic – Covid-19 vaccinations allowing a resumption of international tourism.

Faury this Airbus wants its suppliers to be ready for the resumption of demand.

“The message addressed to our community of suppliers gives visibility to the entire industrial ecosystem to secure the necessary capacities and be ready when market conditions require it.
At the same time, we are transforming our industrial system by optimizing the installation of our aerostructures and modernizing our production facilities for the A320 family. All of these actions are being taken to prepare for our future.

Airbus is also slightly increasing production targets for its small A220 and widebody A350 aircraft – again, in a mix of interim targets and firm plans.

  • A220 family: Currently at around five planes per month from Mirabel and Mobile, the rate is confirmed to drop to around six by early 2022. Airbus is also planning a monthly production rate of 14 by the middle of the decade.
  • A350 Family: Currently, at an average production rate of five per month, that number is expected to rise to six by fall 2022.
  • A330 Family: Production is maintained at an average monthly production rate of two per month.

Also coming today

Big Oil is reeling from a series of hard knocks yesterday, due to its inability to act faster to deal with the climate emergency.

US oil giants ExxonMobil and Chevron have both suffered from shareholder rebellions, with 61% of Chevron shareholders supporting a resolution to set targets to reduce all of its emissions. Activist hedge fund Engine No. 1 has elected two directors to the board of ExxonMobil.

And in a landmark case in The Hague, a Dutch court ruled that Royal Dutch Shell must reduce its global carbon emissions by 45% by the end of 2030.

And Gocher, Director of Climate and Environment at Australasian Center for Corporate Responsibility (ACCR) says these developments have “massive implications”.

“This news is simply extraordinary and will have massive implications for the Australian oil and gas industry.
“Chevron, ExxonMobil and Shell are three of Australia’s largest oil and gas producers, and therefore three of our biggest carbon polluters.
“All three companies will now be under tremendous pressure from shareholders and the general public to cut their emissions and reduce them quickly.

Jess Shankleman
(@Jess_Shankleman)

Oil majors Shell, Chevron and Exxon suffered three humiliating blows from investors and judges on Tuesday for their inadequate pollution strategies.

If every day was like this, climate change would be handled in an instant https://t.co/gPftL8H2kr

May 27, 2021

European markets are rather subdued, after a lackluster trading day in Asia that saw Japan Nikkei 0.3% decrease and Hong Kong Hang Seng dip 0,2%.

Jeffrey Halley, senior market analyst for Asia-Pacific at OANDA, it:

Some of the foam for the week came out of Asian markets today, with stocks falling slightly, along with energy and precious metals and our good friends, the cryptocurrency space, while the US dollar increased slightly after an impressive overnight rally.
All over the financial markets space, price action appears corrective, rather than a structural shift, as the short-term momentum has lacked from the “inflation is dead, buy everything” that has swept through the markets this week. .

A wave of US economic data could shift the dial later, with new durable goods orders, weekly jobless claims figures and a second estimate of US growth in the first quarter.

Agenda

  • 9:30 a.m. BST: Weekly ONS economic activity indicators in real time
  • 12 noon: Gertjan Vlieghe, Policy Officer, Bank of England, Speech: What government bond yields can tell us about future growth and inflation ”
  • 1:30 p.m. BST: US weekly unemployment figures
  • 1:30 p.m. BST: Second estimate of US GDP for Q1
  • 1:30 p.m. BST: US durable goods orders for April
  • 3 p.m. BST: US home sales pending for April



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