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Industry Top Trends Mid-Year 2020 Update: European Aerospace and Defense

The pandemic-related decline in global air travel (likely down more than 50% in 2020) has resulted in airlines trying to negotiate deferred delivery or cancel orders for new aircraft. Airbus has materially cut production, particularly for wide-body aircraft, weighing on already-strained suppliers and resulting in lower earnings and cash flow. This has resulted in numerous downgrades and outlook changes.