European equities sink further in opening hour of trade

Author: Justin Low | Category: News

It's looking really ugly out there

  • Eurostoxx -3.7%
  • Germany DAX -3.8%
  • France CAC 40 -4.6%
  • UK FTSE -4.0%
  • Spain IBEX -3.8%
  • Italy FTSE MIB -3.9%
Yowza. Talk about Black Friday. What a bloodbath. The declines are rather widespread with oil and gas, banking, and more pertinently travel and leisure stocks being the hardest hit amid growing fears of the new COVID-19 variant.

I would argue we are possibly reaching peak fear on the day soon enough as this looks quite overdone at least from the scale of the moves in the market.

Yes, the response globally to the new variant seems to be that it could be a major threat. But there are still more questions than answers at this stage, so bear that in mind.

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