LAST UPDATE: 15:44
With worries about the Omicron mutation dominating the world market, European stock markets have returned to a sharply declining trajectory today, following their upward outburst yesterday, with the travel and leisure industry once again at the center of the pressures.
Investment psychology remains vulnerable as the global scientific community struggles to assess how contagious and dangerous the new coronavirus’s Micron strain was first identified in South Africa. The world’s largest drug giants have warned that it will take a few weeks for them to adjust their production if they accept that the new mutation escapes the protection offered by their vaccines.
The World Health Organization says at least 23 countries have reported cases of Omicron, and says it expects “that number to rise” in the coming weeks. The new mutation came as European countries are already facing an outbreak of coronavirus outbreaks that has forced them to reinstate stricter restrictions, or even lockdowns in some cases, once again affecting economic activity.
On the board, the picture is gradually deteriorating, with the pan-European STOXX 600 index losing 1.48% to 463.90 points, with the travel and leisure sector falling 1.7%.
The picture is aggravated by the dip of technology shares after Apple warned its suppliers that demand is slowing down for the iPhone 13. The technology sector is falling by almost 3% with the Dutch ASML Holding NV plunging more than 4%.
The German DAX lost 1.69% at 15,210.54 points, the French CAC 40 fell 1.46% to 6,781.32 points, while the British FTSE 100 fell 0.86% to 7,125,4206.70 points.
In the periphery, the Italian FTSE MIB loses 1.69%, while the Spanish IBEX 35 falls by 2.01%.
At the end of the day, the data released today by the European statistical office, Eurostat showed a decline in the unemployment rate in the Eurozone, to 7.3% in October from 7.4% in the previous month. The figures were in line with economists’ estimates.
I am Sophia william, author of World Stock Market. I have a degree in journalism from the University of Missouri and I have worked as a reporter for several news websites. I have a passion for writing and informing people about the latest news and events happening in the world. I strive to be accurate and unbiased in my reporting, and I hope to provide readers with valuable information that they can use to make informed decisions.
