Bulletin
Investor Alert

London Markets Close in:

Europe Markets Archives | Email alerts

Nov. 26, 2021, 6:50 a.m. EST

European stocks skid on discovery of new virus variant as airlines, banks reel

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    STOXX Europe 600 Index (SXXP)
  • X
    CAC 40 Index (PX1)
  • X
    DAX (DAX)

or Cancel Already have a watchlist? Log In

By Steve Goldstein

European stocks were on track to their worst single-day performance of the year, getting hammered after the discovery of a new more virulent strain of coronavirus.

The Stoxx Europe 600 /zigman2/quotes/210599654/delayed XX:SXXP -0.88% dropped 2.3% to 470.52, after the discovery of what for now is being called the B.1.1.529 variant, that’s believed to be driving a spike of cases in South Africa. The World Health Organization is holding an emergency meeting and may call the new variant ‘Nu.’

The French CAC 40 /zigman2/quotes/210597958/delayed FR:PX1 -1.52% dropped over 3%, as the German DAX /zigman2/quotes/210597999/delayed DX:DAX -0.89% and FTSE 100 /zigman2/quotes/210598409/delayed UK:UKX -0.92% also slumped. U.S. stock futures /zigman2/quotes/210407078/delayed YM00 -0.19% /zigman2/quotes/209948968/delayed ES00 -0.45% also were rocked.

“We think it’s too soon to quantify the likely impact of this new variant but markets have had a very strong run over the last 12 months, and so it is no surprise to see a reaction like this,” said Dan Boardman-Weston, chief investment officer at BRI Wealth Management.

Investors flocked to safer assets such as German bunds, U.S. Treasurys, and gold /zigman2/quotes/210034565/delayed GC00 +0.26% , with the 10-year bund /zigman2/quotes/211347112/realtime BX:TMBMKDE-10Y +4.23% falling 7 basis points to -0.32%.

Each of the major sector indexes were dropping, led by travel and leisure and banks. Cruise operator Carnival /zigman2/quotes/210414141/delayed UK:CCL -2.61% lost 14%, and British Airways owner International Airlines Group /zigman2/quotes/208070069/delayed UK:IAG -1.56% stumbled 13%. The European Union was moving to halt air traffic from South Africa , a step the U.K. has already taken.

Italian diagnostics kit maker DiaSorin /zigman2/quotes/204234418/delayed IT:DIA +0.49% and French lab instrument maker Sartorius Stedim Biotech /zigman2/quotes/200966147/delayed FR:DIM +0.81% were among the few advancers.

/zigman2/quotes/210599654/delayed
XX : STOXX
456.71
-4.06 -0.88%
Volume: 0.00
Feb. 6, 2023 5:03p
loading...
/zigman2/quotes/210597958/delayed
FR : France: Euronext Paris
7,124.25
-109.69 -1.52%
Volume: 38,835
Feb. 6, 2023 5:03p
loading...
/zigman2/quotes/210597999/delayed
DAX
DX : Xetra Indices
15,338.27
-138.16 -0.89%
Volume: 34,788
Feb. 6, 2023 5:03p
loading...
/zigman2/quotes/210598409/delayed
UK : FTSE UK
7,829.47
-72.33 -0.92%
Volume: 278,934
Feb. 6, 2023 4:03p
loading...
/zigman2/quotes/210407078/delayed
US : U.S.: CBOT
$ 33,898.00
-64.00 -0.19%
Volume: 91,761
Feb. 6, 2023 10:08a
loading...
/zigman2/quotes/209948968/delayed
US : U.S.: CME
$ 4,129.25
-18.50 -0.45%
Volume: 779,150
Feb. 6, 2023 10:08a
loading...
/zigman2/quotes/210034565/delayed
US : U.S.: Nymex
$ 1,881.40
+4.80 +0.26%
Volume: 126,284
Feb. 6, 2023 11:08a
loading...
/zigman2/quotes/211347112/realtime
add Add to watchlist BX:TMBMKDE-10Y
BX : Tullett Prebon
2.28
+0.09 +4.23%
Volume: 0.00
Feb. 6, 2023 5:18p
loading...
/zigman2/quotes/210414141/delayed
UK : U.K.: London
866.80 p
-23.20 -2.61%
Volume: 884,813
Feb. 6, 2023 4:03p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
£12.15 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/208070069/delayed
UK : U.K.: London
169.62 p
-2.68 -1.56%
Volume: 7.29M
Feb. 6, 2023 4:02p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
£8.54 billion
Rev. per Employee
£232,926
loading...
/zigman2/quotes/204234418/delayed
IT : Italy: Milan
121.95
+0.60 +0.49%
Volume: 61,867
Feb. 6, 2023 4:57p
P/E Ratio
22.75
Dividend Yield
0.86%
Market Cap
€6.64 billion
Rev. per Employee
€419,201
loading...
/zigman2/quotes/200966147/delayed
FR : France: Euronext Paris
350.50
+2.80 +0.81%
Volume: 30,467
Feb. 6, 2023 5:01p
P/E Ratio
46.31
Dividend Yield
0.36%
Market Cap
€32.05 billion
Rev. per Employee
€335,546
loading...

This Story has 0 Comments
Be the first to comment
More News In
Markets

Story Conversation

Commenting FAQs »

Partner Center

Link to MarketWatch's Slice.