Global markets are falling as the new virus spreads, causing panic

European shares fell about 3% today as reports of a newly identified and possibly vaccine-resistant type of coronavirus raised fears of a fresh blow to the global economy and prompted investors to exit riskier assets.

Europe’s volatile stock markets were already under pressure this week as the resurgence of Covid-19 cases led to new restrictions in many countries.

Shares in London fell 2.7% by about 12 noon, while the Paris CAC fell 3.5%, and the Frankfurt DAX lost 2.8%.

The Dublin market was also weaker – down 3.1% – with shares in Ryanair down over 9%, Dalata Hotel Group down 5.3% and ICG down over 5%.

Travel and leisure stocks fell after Britain announced a temporary ban on flights from South Africa and several neighboring countries from today.

Shares of Aer Lingus, British Airways and EasyJet all fell more than 13%, while shares of travel company TUI fell more than 10%.

Oil and gas producers fell 5.8 percent, while mining companies fell 4.4 percent as oil and mineral prices tumbled, as reports of the new virus variant fueled fears of an economic slowdown.

Earlier in the Asian trade, shares in Tokyo closed 2.5% lower while the Hong Kong market fell 2.6%.

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