QF load factors to LHR are increasing dramatically. Downturn? But if you consider a reduction in capacity due to less flights and 789s instead of 744s then anything’s possible. Is a 789 with a full cabin of paid J pax better or worse than a 380 with, say, 15 empty J seats (which are churned to upgrades)? QF bean counters should know but will hide the info behind “commercial in confidence”. You’re probably better off playing FX speculation games rather than betting that the sky will fall.