Core Insights - The International Air Transport Association (IATA) reported a 6.6% year-on-year increase in global air passenger demand for October 2025, measured in revenue passenger kilometers (RPK) [1] - Total capacity increased by 5.8% year-on-year, with a passenger load factor of 84.6%, reflecting a 0.7 percentage point increase [1] - International demand rose by 8.5% year-on-year, while domestic demand grew by 3.4% [1][5] International Market Summary - Asia-Pacific airlines saw a 10.9% increase in demand and a 9.1% increase in capacity, with a load factor of 84.4%, up 1.4 percentage points [2] - European airlines experienced a 7.4% increase in demand and a 6.0% increase in capacity, achieving a load factor of 86.5%, up 1.2 percentage points [2] - Middle Eastern airlines reported a 10.7% increase in demand and an 8.1% increase in capacity, with a load factor of 82.5%, up 2.0 percentage points [2] - North American airlines had a 4.5% increase in demand and a 4.7% increase in capacity, with a load factor of 84.2%, down 0.1 percentage points [2] Domestic Market Summary - Domestic passenger demand grew by 3.4% year-on-year, with a load factor of 84.6%, down 0.1 percentage points [5] - The U.S. domestic market showed a moderate recovery after two months of decline, while Brazil's domestic market excelled with a 12.4% increase [5] - In the domestic market, China reported a 5.7% increase in demand, while Japan saw a 4.2% increase [5]

Group 1 - The CEO of Delta Air Lines (DAL.N) stated that since adjusting the growth rate to a lower level earlier this year, demand has remained stable [1] - Overall air travel demand is roughly flat compared to last year, with weakness primarily concentrated in the economy class, especially during non-peak periods [1]

Core Viewpoint - Fitch Ratings anticipates a slowdown in global air travel demand but does not expect significant order delays or cancellations for Boeing (BA.N) [1] Group 1 - Fitch Ratings projects a deceleration in the growth of global air travel demand [1] - The outlook for Boeing remains stable despite the anticipated slowdown in demand [1]