Europe plunges at open on SA COVID variant fears

Friday, 26. November 2021 09:07

Major equities in Europe dived on Friday amid fears about a new COVID-19 variant detected in South Africa, prompting fresh travel restrictions in the United Kingdom and throughout the globe. European Commission President Ursula von der Leyen said that the European Union would invoke an "emergency brake" to stop travel from South Africa and neighbouring countries.

Meanwhile, tensions continue to simmer across the English Channel as well as the Russian-Ukrainian border.

The DAX tumbled 3.35% at the opening as MTU Aero Engines plummeted 6.89%. The FTSE 100 dropped by 2.19% as Intercontinental Hotels Group fell 7.44%, while the CAC 40 nosedived 3.79% with Safran SA sinking 7.83%. The euro gained 0.30% against the dollar at 8:55 am CET, selling for $1.12408, while the pound sterling lost 0.18% to go for $1.32986 against the greenback.

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Author:
Baha Breaking News (BBN) / IB