New corona variant causes heavy losses on stock markets

New corona variant causes heavy losses on stock markets

European stocks closed on Friday with heavy losses. Investors were shocked by the news of the discovery of a new corona variant in South Africa. As a result, aviation groups including Air France-KLM were significantly lowered. Other companies that are sensitive to the increasing contamination figures, heavier lockdowns and other possible consequences also gave up considerably.

The AEX index on Beursplein 5 plunged 3.2 percent into the red at 781.63 points. The last time the gauge closed below the 800-point mark was on October 18. The MidKap fell 3 percent to 1033.61 points. The stock exchanges in Frankfurt, London and Paris lost up to 4.8 percent.

Air France-KLM lost almost 10 percent of the stock market value at the Damrak. Lufthansa also lost about 12 percent in Frankfurt and IAG, the parent company of British Airways and Iberia, plunged almost 15 percent in London. Travel organization TUI lost about 10 percent and the budget flyers Ryanair and easyJet fell around 12 percent. There is now also an entry ban in the Netherlands for passengers from South Africa, although there are also exceptions for whom the ban does not apply. KLM will therefore continue to fly to Johannesburg and Cape Town.

More and more countries are now introducing travel restrictions. The World Health Organization (WHO) has indicated that variant B.1.1529 identified in South Africa is being monitored. Scientists believe this variant may be even more contagious than the prevailing Delta variant.

Unibail-Rodamco-Westfield, which has a lot of retail real estate, was the largest decliner in the AEX, with a loss of almost 12 percent. Banks and insurers, which recently benefited from the prospect of higher interest rates, were also penalized. The new corona variant may mean that the central banks will be less likely to phase out their support measures and that possible interest rate hikes will be postponed longer. Aegon, ING and ABN AMRO lost up to approximately 9 percent.

Oil prices also fell on fears that demand for oil may fall again due to the new travel restrictions. A barrel of US oil was 12.3 percent cheaper at $ 68.79. Brent oil cost 10.7 percent less at $73.44 a barrel. Large oil producers such as Shell, BP and TotalEnergies also went on sale as a result and were put down to about 7.5 percent. The euro was worth USD 1.1307, against USD 1.1213 a day earlier.

New corona variant causes heavy losses on stock markets
Source link New corona variant causes heavy losses on stock markets

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