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28 Nov 2021

Global Stocks Sink as New COVID Variant Fears Take Over

The Index Today

U.S stocks declined during a major selloff in global markets as the new coronavirus variant fears took over. In other news, the demand for safe haven assets went up.

The S&P500 recorded its worst ever performance post-Thanksgiving since 1941. The NASDAQ 100 also fell to its lowest in two weeks whereas the Russell 2000 slid down 3.7%. Stocks for Travel and Leisure saw a major drop with stay-at-home stocks going up. In Europe, the Stoxx 600 went down 3.7%. The price of oil came down to $70 per barrel in New York. The Japanese Yen saw an increase in demand as the dollar fell.

News of the B.1.1.529 coronavirus variant detected by scientists in South Africa spread quickly across the world. Investors are showing signs of increased fear as inflation is on the rise and economic recovery could become slower. Stocks for holiday cruises saw a sharp drop along with airlines stocks tumbling as well. On the other hand, Zoom and Peloton Interactive Inc gained 5%.

Ipek Ozkardeskaya, senior analyst at Swissqoute said, “Its terrible news. The new covid variant could hit the economic recovery, but this time, the central banks won’t have enough margin to act. They can’t fight inflation and boost growth at the same time. They have to choose.” Equities have been rallying in the past few months. The equity exchange traded and long only funds saw $900 billion coming through investors.

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