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European stocks tumbled in early trading this morning as the rapid spread of a new strain of the coronavirus led to a tighter lockdown in England and a travel ban to many countries, while a Brexit trade deal was still in play.
More than £ 33bn was removed from the FTSE 100 within minutes of its London opening this morning.
The FTSE had fallen more than 2% on fears of a no-deal Brexit and new coronavirus restrictions, but rebounded slightly to be 1% weaker as of 9am this morning.
After plummeting 2.8% in trade openness, the Dublin market fell 2.2% at 9am. M. Ryanair shares were down 5.3%.
Paris markets had fallen 2.7% at the trade opening, while Frankfurt shares fell 2.2%. At 9 in the morning they were 2.2% and 2% lower respectively.
Canada, as well as its European neighbors, including Ireland, Germany, Italy and the Netherlands, ordered the suspension of flights from Great Britain, while France’s ban also included freight carriers, whether by road, air, sea or railway.
Travel and leisure stocks fell 5.5% and were on their way to their worst day in three months.
Big oil companies also led losses in Europe, as the new restriction raised concerns about an impact on demand and weighed on crude prices.
Shares of Aer Lingus owner IAG plunged 16%, while shares of Air France KLM and channel tunnel operator Getlink also posted heavy losses this morning.
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