Alberta Mirror

Thursday, January 27, 2022

Stock markets agitated again by concerns regarding rising coronavirus variant

Key takeaways: 

  • The cost of the North American oil benchmark has suffered by 12%.
  • Worldwide stock markets and oil costs dropped Friday on news of a new coronavirus variant in South Africa and a resurgence of travel limitations in sections of the EU.

Markets disturbed globally by the fear of covid-19’s new variant: 

Global stock markets and oil costs dropped Friday after South Africa recognised a new, possibly fast-spreading coronavirus variant and the European Union offered halting air travel from the country.

The 27-member EU offered a mass travel halt to member governments after South Africa announced the so-called Nu variant was increasing in its most populated region.

Britain immediately outlawed flights from South Africa and five nearby nations. Austria inflicted a 10-day lockdown while Italy reduced activity by unvaccinated people. Americans were told by their government to avoid Germany and Denmark. Belgium and Israel have already summarised a few of the people who have tested positive to the new variant, and the slew of data objects has continued up to a flurry of darkness.

Read more: Siberian coal-mine: Five mining executives, inspectors in jail after a fatal blast

In New York, the Dow Jones Industrial Average dropped more than 2.5 per cent, its highest drop in more than a year, to close at 34,899. In Toronto, the TSX Composite Index dropped approximately 500 points or, 2.25 per cent, to end the day at 21,125. 

“This news has completely overshadowed early anecdotal reports of strong in-person and online traffic for Black Friday sales,” stated Colin Cieszynski with SIA Wealth Management in Toronto. Source – cbc.ca

Friday would usually be a quiet day on U.S. stock markets because of the Thanksgiving leave on Thursday, as stock markets in New York are programmed to stop at 1 p.m.

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