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It’s really ugly over there

  • Eurostoxx -3.7%
  • Germany DAX -3.8%
  • France CAC 40 -4.6%
  • British FTSE -4.0%
  • Spain IBEX -3.8%
  • Italy FTSE MIB -3.9%

Yowza. Talk about Black Friday. What a bloodbath. The declines are pretty widespread, with oil and gas, banks and, more specifically, travel and leisure stocks the hardest hit amid growing fears of the new COVID-19 variant.

I would argue that we may be hitting the peak of fear on this day pretty early on as it seems quite over the top, at least considering the scale of the moves in the market.

Yes, the overall response to the new variant seems to be that it could be a major threat. But there are still more questions than answers at this point, so keep that in mind.

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