Airline shares gained 6% in January compared to December, outperforming the broader market which fell 4%, buoyed by solid financial performance and lower fuel prices.

Q4 financial results show improvement in profits, driven by performance of US airlines.

Jet fuel prices eased in January.

US passenger yields are stable.

Air freight markets improved in 2013 as business confidence and world trade picked-up.

Passenger travel sustained growth at the solid 30-year growth trend (%5+), reflecting strong performance of emerging markets.

Air freight loads remain at 2013-highs despite being barely above 45%.