LIVE MARKETS Europe: worst session since June 2020

  • 11/26/2021
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Nov 26 - Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. You can share your thoughts with us at markets.research@thomsonreuters.com EUROPE: WORST SESSION SINCE JUNE 2020 (1153 EST/1653 GMT) European stocks got their worst beating since June 2020 with a 3.7% fall and the extent of the market turmoil had many similarities with the March 2020 COVID-19 crash. Travel and leisure stocks plunged a whopping 8.7%, a performance unmatched since March 2020 with airlines stocks being dumped in a dramatic fashion. BA owner IAG fell about 15% after Britain banned flights from South Africa and Ryanair lost 12%. Cruise operator Carnival was the top loser with a 16% drop. Many other countries are already putting in place travel restrictions amid fears the new variant might be to some degree vaccine resistant. With a new wave of social restrictions already being implemented across Europe, investors are taking no chances. The travel and leisure index is now down 6.6% since the beginning of the year and has lost nearly 20% this month alone. It"s obviously not a good time to be building planes and Airbus has fallen 11%. Banks, which have become a barometer of the pandemic crisis also had an excruciating day, losing 6.7%, their worst session since June 2020. But the pain was well spread and cyclical stocks across other sectors such as car makers, miners, energy, insurance, retail, construction and industrials fell between 4% and 6%. There were little safe places to hide and even pharma, the best performing sector today, lost 1.2%.BEARS POKE THEIR HEADS UP (1137 EST/1637 GMT) The percentage of investors with a bearish short-term outlook for the U.S. stock market has risen to its highest level since early October in the latest American Association of Individual Investors Sentiment Survey (AAII). With this, both bullish and neutral sentiment declined. With these changes, the bull-bear spread fell to -1.90 from +11.6 last week read more :

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