Sumary of New Covid variant roils global markets with oil sinking 5%:
- The pan-European Stoxx 600 dropped 2.4% by mid-morning in Europe, with banks and travel stocks taking heavy losses, along with the oil and gas sector as oil prices tanked.
- The yield on the benchmark 10-year Treasury note dropped by more than 11 basis points to 1.5277% at 4 a.
- The variant has been detected in a Hong Kong quarantine hotel in a traveler from South Africa, with one individual across the hall also reportedly affected and remaining travelers quarantined separately.
- From then, a mandatory 10-day quarantine period will be enforced on travelers from those countries.