Mon. Jan 25th, 2021

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European stocks opened lower

1 min read

European stocks

European stocks are set to trade lower on Monday as investors monitor a fast-spreading new variant of the coronavirus strain that has shut down much of the U.K.

Britain’s FTSE 100 was seen opening down by 75 points at 6,442, Germany’s DAX off by 190 points at 13,448 and France’s CAC falling 94 points to 5,427, according to index data from IG.

Traders are nervously watching the new Covid mutation in the U.K., which has resulted in a tough lockdown in London and other parts of southeast England and a U-turn on the mixing of households during Christmas.

The variant is thought to be up to 70% more transmissible than the original strain of the disease. The World Health Organization said it has so far been identified in Denmark, the Netherlands and Australia.

It led to several countries in Europe and elsewhere to block travel from Britain. France, Germany, Italy, Ireland and the Netherlands all barred flights from the U.K., while Canada and Israel have done the same.

Sterling sank sharply versus the dollar, falling 1.2% to around $1.34.

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