European Regulator Says Boeing 737 MAX 'Safe To Fly', Will Be Back In Air In January

Europe is expected to give the green light to the Boeing 737 MAX in January.

What Happened: The head of the European Union Aviation Safety Agency confirmed on Saturday that the Boeing Co's BA 737 MAX was ready and "safe" to fly, Reuters reported.

Agency head Patrick Ky said that the agency carried out "a totally independent analysis of the safety" including conducting tests.

“All these studies tell us that the 737 MAX can return to service," and that will take place "some time in January,” Ky said.

In the U.S., the Federal Aviation Administration already cleared the plane this week. Commercial flights will begin on Dec. 29 in the U.S.

Why It Matters: The Boeing 737 MAX was grounded in March 2019, after two crashes in Indonesia and Ethiopia that took the lives of 346 people.

Boeing promised to modify the flight control system, which was blamed for the fatal crashes. Pilots carrying out flights will have to undergo additional training.

The planes are still grounded in Canada and Brazil, where safety agencies are conducting their own checks.

Price Action: Boeing shares closed 2.94% lower at $199.62 on Friday and traded 0.21% lower in the after-hours markets, closing at $199.20.