Economy
19:58 28 November 2021
Post by: WBJ

A new virus mutation triggered panic in stock markets and a plunge in oil prices

A new virus mutation triggered panic in stock markets and a plunge in oil prices
Source: Photo by Napendra Singh on Unsplash

There is no official name yet (it will probably be Nu). The novel coronavirus mutation B.1.1.529 may be as resistant to vaccines as no previous version. It is not surprising that the markets reacted hysterically.

The new mutation was first to be identified in Botswana but has already been reported from South Africa and Hong Kong. Great Britain reacted very quickly to the news, blocking air connections from South Africa, Namibia, Lesotho, Botswana, and Zimbabwe. The World Health Organization (WHO) is calling an urgent meeting, but also admits that so far little is known about the new mutation and additional detailed research is needed.

The largest stock exchanges reacted very quickly with clear declines to the news of the new mutation. The MSCI index fell 1.8%, the Nikkei lost 3%. Oil also started to decline significantly. US futures fell by 2.7 percent. On the S&P 500 – they fell by 1 percent, and on the Euro STOXX 50 – by 2 percent. In Warsaw, shortly after the opening of the WIG20, the index grouping the largest companies listed on Książęca Street has dropped by 3.5 percent.

(bizblog)


oil prices
stock exchange
coronavirus

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