European stocks slide as concerns about omicron persist; cars dump 1.3%

LONDON – European markets fell slightly on Friday morning as concerns persisted about the spread of the Covid-19 omicron variant and the inflation outlook.

European food Stoxx 600 Early trading fell 0.2%, of which cars fell 1.3% leading to a loss while household goods increased 0.4%.

European stocks had a strong session on Thursday as investors reacted positively to central bank policy decisions. The Federal Reserve announced on Wednesday that it will Active in reducing bond purchases and seeing some rate hikes in 2022.

The Bank of England followed by a rate hike for the first time since the pandemic began, citing a robust labor market and a need to bring inflation back to its 2% target. November’s reading hit a 10-year high of 5.1% year-over-year.

The European Central Bank struck a more dovish tone, continuing to cut pandemic-era bond purchases but pledging to remain adaptive through 2022 and beyond.

However, with inflation hovering at more than double target in the US, eurozone and UK, concerns persist about whether it can be brought under control.

Meanwhile, the omicron variant is spreading at an alarming rate, with countries across Europe taking containment measures to avoid a tsunami. The UK reported nearly 90,000 cases in just one day on Thursday, but the daily death toll has remained relatively flat.

Asia – Pacific Market most were lower overnight, with stocks in Japan and India leading the way.

Besides, stock futures showed a lackluster opening on Wall Street Friday, after the tech-heavy Nasdaq Composite dropped 2.47% in regular trading for the day. worst day since september.

On the data front, eurozone harmonized inflation figures for November will be released on Friday morning.

Regarding individual stock price movements, the Italian biotech firm DiaSorin saw its stock slide more than 7% during early trading to the Stoxx 600 bottom, as investors balked at its 2022-2025 business plan.

Topping the charts, German manufacturer of kitchen appliances Reasonable rose 3.3% after Deutsche Bank upgraded the stock from “sell” to “sell”.

Ordered to CNBC PRO for exclusive insights and analysis, as well as live coverage of the business day from around the world. European stocks slide as concerns about omicron persist; cars dump 1.3%


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