Shares in European airlines and tour operators slumped on Friday after a spate of terror attacks rocked Spain, killing or injuring people from 24 countries.
Five armed attackers knocked down “several” people with a car before being killed in a shootout with police on Friday in the country’s northeastern Catalan region.
That attack came just hours after a van drove into pedestrians in the regional capital of Barcelona, killing 13 and injuring around 100 in one of Spain's top tourist destinations.
It was the worst attack on Spanish soil since the 2004 Madrid bombings, which killed 191 people.
Spain is one of the world's top vacation spots, and has been attracting record numbers of visitors in recent years.
As police search for suspects and answers, investors are worried that the latest attacks could deter some tourists.
Airline stocks, including Air France (, British Airways owner )IAG (, )easyJet ( and )Ryanair ( all fell by more than 3% in early trading. Shares in German carrier )Lufthansa ( fell by 2.5%. )
Shares in tour operator Thomas Cook fell by a similar amount.
Hotel groups Accor (, )InterContinental ( and )Melia Hotels ( began the day with losses of between 1% and 2%. )
Previous attacks elsewhere in Europe have hurt the tourism industry, most notably in Paris.
Shares in American-traded airlines and hotels also dropped late on Thursday after the attack in Barcelona. JetBlue ( and )Delta Air Lines ( were the worst hit, with shares falling by 5% to 6%, respectively. )