Global Markets suffered a huge blow due to the pandemic. The operations came to a standstill. Economies of almost all the country plunged deep into the darkness. It took a lot of hard work and time to somehow get the markets on track. However, the days of doom do not seem to be getting over yet. A recent variant of the coronavirus has wreaked havoc in some countries.
The variant is termed as one of the most deadly variants so far. After close analysis, it has been found that the coronavirus mutated to develop into a more lethal version. Vaccines are said to be ineffective against the virus. All these factors have once again taken a heavy toll on the global markets. Investors have become fearful and thus the market is witnessing a steep slope.
Stock market and oil dealings are the first ones to be impacted. A sharp fall in stocks was recorded on Friday. The prices of oils also nosedived to more than ten percent. The markets in Asia suffered the most due to the covid scare. Let us know more about the impact of covid scare in global markets below.
Global Markets Rattled By New Variant
The latest covid variant scare has made the global market sink. The most affected markets globally include those in Asia. Hang Seng Index & Nikkei 225 (Japan) suffered a drop of 2.7% & 2.5% respectively. Markets of Europe also followed suit. DAX(Germany) and CAC40(France) fell by 4% & 3%. The impact of the scare affected the markets of the United States as well.
The oil barrels of the USA dropped by a concerning 11%. The prices were below $70 in the United States Of America. It remains to be seen how quickly the global markets cope up with the incurred losses.