7/19/2021, 9:02 AM (Source: TeleTrader)
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Europe opens sharply lower with Delta variant in focus

European equities opened with losses on Monday as traders reacted to the rapid spread of the Delta variant of the coronavirus across the globe. Fears over the fourth wave of the pandemic rattled global stocks despite recent signs of economic recovery. In the UK, pandemic restrictions in England were set to end today despite rising infections numbers.

In other news, the Organization of the Petroleum Exporting Countries and allied producers led by Russia managed to reach a deal over the weekend that will see the group raise crude production by 400,000 barrels a day every month through the end of 2022.

The DAX dropped 0.76% at the start of trading in Frankfurt as MTU Aero Engines led the losses. Meanwhile, the CAC 40 tumbled 0.91% with Unibail-Rodamco-Westfield sinking nearly 3% as the worst performer. The FTSE 100 fell 0.27% at the open; Ocado Group was down 3% in London.

Baha Breaking News (BBN) / JC