European markets close lower as omicron worries intensify; Stoxx 600 down 1.4%
LONDON — European markets closed sharply lower on Monday as the rapid spread of the omicron Covid-19 variant triggers stricter containment measures across the continent
| TICKER | COMPANY | NAME | PRICE | CHANGE | %CHANGE | VOLUME |
|---|---|---|---|---|---|---|
| .FTSE | FTSE 100 | *FTSE | 7198.03 | -71.89 | -0.99 | 925051093 |
| .GDAXI | DAX | *DAX | 15239.67 | -292.02 | -1.88 | 69118819 |
| .FCHI | CAC 40 Index | CAC | 6870.1 | -56.53 | -0.82 | 86311671 |
The pan-European Stoxx 600 provisionally ended the session around 1.4% lower, with autos shedding 2.7% to lead losses as all sectors and major bourses slid into negative territory
The Netherlands entered full lockdown on Sunday until mid-January, and the possibility of tighter restrictions being imposed over the Christmas holidays and into the new year looms over a number of European countries amid an unprecedented surge in Covid-19 cases
From Monday, only German citizens, residents and transit passengers will be allowed to enter Germany from the U.K., with all inbound travelers required to quarantine for 14 days irrespective of vaccination status. Travel restrictions were also imposed for arrivals from Denmark, Norway and France
Austria will only allow entry to vaccinated travelers from Monday
Cases have also begun to spiral stateside, with New York state and the District of Columbia posting record daily cases for consecutive days
The World Health Organization said on Saturday that cases of the omicron variant, which has now been detected in 89 countries, are doubling every 1.5 to 3 days in areas with community transmission
Stateside, U.S. stocks fell sharply as omicron concerns and the Federal Reserve’s impending tightening of monetary policy weighed on sentiment
Stocks in Asia-Pacific also pulled back overnight with Japanese markets leading losses. Meanwhile, China slashed its benchmark lending rate for the first time in more than a year and a half
On the data front, the euro zone’s current account surplus grew in October as an expansion of the bloc’s services trade surplus outweighed the contraction in goods trade
Stocks on the move
In terms of individual share price movement, Belgian biotech firm Argenx jumped more than 8% after the U.S. Food and Drug Administration approved a landmark drug
At the bottom of the Stoxx 600, Danish drugmaker Novo Nordisk tumbled over 11% after announcing Friday that it would be unable to meet demand for its new weight loss drug amid supply problems in the U.S
