The pan-European Stoxx 600 fell 1.2 percent in early trade, led by autos, which fell 1.6 percent. Moreover, all sectors and major bourses fell into negative territory.
After rising overnight trading, U.S. stock futures sharply reversed course. At the same time, Asia-Pacific markets were mostly lower by Tuesday’s close as investors reassessed the risks associated with the new variant.
Existing vaccines, according to Stephane Bancel, will be less effective against the new variant. Bancel expressed some skepticism about omicron, stating that it will take at least two weeks to determine how much the mutations have affected the efficacy of the current vaccines on the market. People at high risk, the immunocompromised, and the elderly may require a fourth dose.
China’s official manufacturing Purchasing Managers’ Index for November increased unexpectedly, coming in at 50.1. That was higher than the 49.6 reading predicted by analysts in a Reuters poll. PMI readings less than 50 indicate contraction, while readings more significant than 50 indicate expansion. Investors in the United States anticipate releasing critical economic data this week, including the November jobs report on Friday. Dow Jones polled economists, who expect 581,000 new jobs in November.
Earnings came from Easyjet, Greencore, SAS, and Volvo Cars. At the same time, data releases included November flash inflation figures for the eurozone.
France’s final third-quarter GDP growth was at 3% quarter on quarter. At the same time, inflation rose to 3.4 percent year on year in November, the highest rate since September 2008. Regarding individual share price movement, Future, a British media company, rose more than 15% in early trade after reporting solid earnings and raising its full-year outlook for 2022.
At the bottom of the European blue-chip index, Sweden’s Lundin Energy fell more than 8%. It revised some of Monday’s gains following Bloomberg’s report that the oil and gas company is considering a sale or merger.