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A flight away from risk continued to push China and Hong Kong stocks down, although losses and turnover were lower than on Wednesday. Chinese insurers tumbled, but rising gold prices helped gold producers.

Shares of airlines across the board rose today after reports that capacity cutbacks may be the solution to waning profitability. The CEOs of Southwest and Delta were particularly vocal on the need for capacity paring.

Every component on the airline subsector was up for the day after the major carriers announced intentions to continue the capacity discipline in spite of strong demand.