European airline and aerospace stocks have been hammered in early trading after the US government imposed a drastic ban on transatlantic travel.

Air France-KLM and Norwegian shares sank by close to 20% as the markets opened on 12 March, while shares in other major operators including IAG, Lufthansa and SAS were down by around 10%.

While budget airlines EasyJet and Ryanair, less exposed to transatlantic travel, felt a smaller reduction of around 6-7%, Wizz Air’s price was down by some 10%.

Airbus, Boeing and Rolls-Royce were also badly affected, with shares falling by 10%, 13% and 15% respectively.