Booking Holdings, which gets more than two thirds of its sales from Europe, said uncertainties related to Brexit and political issues in France lead it to forecast lower first quarter room bookings.

“While we acknowledge that many of the factors causing the slowdown are unrelated to Booking's execution, there was little indication on the call that European travel demand would reaccelerate any time soon,” Jefferies analyst Brent Thill said.

CEO Glenn Fogel said the trade war between the United States and China was making conditions worse for European economies including Germany, whose slowing automotive industry was weighing on Europe’s overall growth.

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