FTSE 100 tumbles and oil hits two-month low as Covid variant fears hit markets – business live

ftse 100 tumbles and oil hits two month low as covid variant fears hit markets business live

Sumary of FTSE 100 tumbles and oil hits two-month low as Covid variant fears hit markets – business live:

  • While the situation appears confined to the region for now, markets are scrambling to price in return of restrictions across the globe, taking their cue from the UK’s travel restrictions and the tighter restrictions imposed in Portugal.
  • Wall Street’s ‘fear index’, the VIX, has jumped by 40% this morning.
  • The Vix index, which measures the likely volatility in US stocks over the next month, rose by 8 points on Friday to 26.6, the biggest increase since early 2021. That shows investors are worried, as they sell riskier assets such as shares and race into perceived ‘haven’ assets such as government bonds.
  • The Dow Jones industrial average is currently on track to tumble 800 points, or over 2%.
  • November 26, 2021 Shares in travel and aviation businesses, including the British Airways owner, IAG, easyJet and the aero engine maker Rolls-Royce, plummeted on Friday over fears that a new coronavirus variant described as potentially the worst so far identified could lead to a new wave of global pandemic restrictions.
  • The emergence of the new variant, which was identified on Tuesday and is feared to be more transmissible and poses a threat to current vaccines, prompted the government to put six southern African countries back on England’s travel red list on Thursday night.
  • Officials are also reviewing a number of travel measures, including whether there should be a limited reintroduction of the use of PCR tests for arrivals.
  • The news prompted a sharp sell-off of travel stocks on Friday, with IAG, which also owns the airline Iberia, tumbling as much as 14% in early trading.

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