The latest from London: Covid fears return on stock markets

11/26/2021 | 04:58am

The pandemic is back at the top of concerns for investors, as another wave hits Europe and a new variant that could potentially evade vaccine protection was discovered in South Africa.

Potentially highly contagious and with multiple mutations, the B.1.1.529 variant has the potential to spread rapidly and could spread across the globe, replacing the Delta variant, according to several virologists.

This led the FTSE 100 to drop by more than 3% this morning, hampered by travel, banking and commodity stocks.

Airlines such as Wizz Air, Easyjet and British Airways owner IAG lost 16% to 20.9%, respectively, after the UK implemented travel restrictions against several countries in Southern Africa.

 

Things to read today:

EU, U.K. Move to Halt Travel From Southern Africa on Variant (Bloomberg)

The virus is always searching for its next move’: why science is alert to new variants (Financial Times)

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