No aspect of our lives has been left untouched by the pandemic. With yet another newly mutated version of COVID, Omicron, spreading extremely quickly, the damage doesn’t seem to stop anytime soon. One very big victim to this quickly-spreading Omicron variant is the international stock market. On Monday, the European stocks fell badly hurting many stock and shareholders.
While the European governments were busy containing this new mutation, the stocks were undergoing heavy losses in the international market. Apart from the European stock markets, Asian stocks and oil prices have also suffered heavily at the hands of Omicron. Talking about London’s FTSE 100 index, it fell by 1.9 percent to 7133.15 points. Talking about other major European equities, Frankfurt’s DAX dwindled by 2.4 percent and ended at 15,154.44 points. On the other hand, Eurozone also fell by 2.1 percent to 6782.16 points.
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Since the pandemic and, now the Omicron variant, has destabilized the economy badly, the investors are being very cautious regarding where they should invest. As of now, they are avoiding investing in stocks and places that are subject to losses due to the pandemic.
The Omicron variant is the newest variant of COVID-19 that has been mutated. Considered to be the fastest spreading COVID variant, it is yet to be known about the extent of damage this variant is capable of inflicting. Emerged from South Africa, this variant has been detected in 89 countries. On 26th November, the WHO granted it the status of a new variant. It is to be seen for how long this new variant affects the various aspects of the economy and society.
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