IAG's revised full year guidance yesterday was for 7% increase in operating profit YOY. That compares to a 40% increase being forecast at the start of 2016, and "low double digits" when the half year figures were given at end of July.

RASK is down 6% at constant FX. There is no hiding from that. Someone mentioned above that they said BA Hols was doing well. Airlines like BA usually regard in-house tour operators as somewhere to dump distressed inventory, so that fits. IAG is still pretty profitable, everything is relative to expectations. They are just trying to survive the year so they can reset expectations for 2017.