Airbus announces a massive deal with China
Airbus, a big rival of Boeing that struggles with the 737 Max crisis, signed an important agreement with China during the President Xi Jinping's visit to France. The order is part of a package of deals signed during Mr Xi's visit to Europe.
The European plane maker has reached a deal to sell 300 passenger jets to Chinese airlines, stocks climb 1.5%.
Stocks impacted: Airbus (EADSF)
The order covers 290 planes from the A320 family and 10 from the A350 line. According to the company’s statement, the agreement showed strong demand from all areas of China's rapidly expanding aviation market, including domestic, low cost, regional and international long haul. The total value of the deal wasn’t specified but according to some reports, the agreement worth an estimated 30bn euros. As a reminder, the deal comes as rival Boeing has grounded all of its 737 Max jets after two fatal crashes. After the announcement, Airbus shares rose more than 1.5% in early European trading.
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