Global Markets Crash over 'NEW' Covid Strain
A new, faster mutating Covid variant discovered in Africa has ravaged prospects in travel and oil stocks, as the South African rand also dropped to its lowest value against the dollar in a year.
Front-month oil futures dropped 3.4% to $75.75, while shares in Japan Air, ANA and Qantas all fell between 4.5 and 6.5% as fears grow of potential renewed travel restrictions. Markets in Asia have declined too as they watch Europe's coronavirus cases spiral into new lockdowns.
ING's Asia-Pacific head of research Rob Carell admitted "everybody seems to be panicking" about the new strain emerging... but added the market moves might be accentuated by low trading volume.
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