Key points:
- "Brexit" vote is a materialization of a key downside risk, global economic growth is expected to decelerate in 2016
- Air cargo has continued to outperform global merchandized trade, but growth remains weak
- Sluggish trade outlook, "Brexit" aftermath and weak demand drivers suggest an impending halt in positive air freight momentum, but after short-term shocks abate strong consumer confidence and low oil prices can reenergize growth
- Flooding-in of capacity, weak trade, lower yields and rising fuel costs can lead to taking a bite out of cargo profitability
