Investor Alert

Nov. 26, 2021, 3:28 a.m. EST

European stocks slump with travel names hard hit as investors fret over new COVID variant

European stocks fell sharply early Friday, with heavy losses for travel stocks and energy names after a new potentially highly contagious variant of COVID was detected in South Africa. The Stoxx Europe 600 index (STOXX:XX:SXXP) slid 3.8% to 465, with the German DAX (XEX:DX:DAX) down 3.5%, the French CAC 40 (PAR:FR:PX1) sliding 4.3% and the FTSE 100 index (FTSE:UK:UKX) down 3.4%. The U.K. has announced it will halt travel from South Africa and several other African countries as of Friday. Shares of International Consolidated Airlines (LON:UK:IAG) slid 10%, cruise operator Carnival (LON:UK:CCL) slumped 16% and Deutsche Lufthansa (FRA:DE:LHA) dropped 12%. Energy names also weighed heavily as crude fell more than 5% to $73.91 a barrel. BP shares (NYS:BP) (LON:UK:BP) fell 8%.

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