Fabrice Brégier, Airbus chief executive, has put a brave face on Emirates Airline’s cancellation of a $16bn order for 70 of the aircraft maker’s planned new A350 passenger jets.

It is Airbus’s largest contract cancellation, but at a dinner with journalists on Wednesday evening Mr Brégier insisted Emirates’ decision would have “zero negative impact” on the European aerospace group. “Is it a problem for us?” he said. “The answer is clearly ‘No’ … [but] I do not like it because Emirates is a top-class customer and I would prefer them to operate the A350.”

For Airbus, the loss on Wednesday of Emirates as an A350 customer throws an uncomfortable spotlight on its strategy for long-range aircraft – particularly in the lucrative market for wide-body, twin-engined jets, where it trails Boeing. The fast-growing Gulf carrier’s contract cancellation also raises broader questions about whether there are signs of a downturn in the commercial-jet industry – which could force Airbus and Boeing to stop making so many aircraft.