FTSE 100 tumbles and oil hits two-month low as Covid variant fears hit markets – business live | Business

A quick recap.

Britain’s FTSE 100 is on track for its worst day this year, as the emergence of the B.1.1.529 variant sends markets sliding around the globe.

The blue-chip index of London’s largest listed companies is down 190 points, or 2.6%, at 7121 points, having hit a six-week low this morning.

Travel, hospitality, oil and financial stocks are among the big fallers, on concerns that B.1.1.529 could lead to widespread new pandemic restrictions and slow the economic recovery.

Airline group IAG are currently down 14%, with jet engine maker and servicer Rolls-Royce off 10%. Conference organiser Informa (-7.5%) and hotel groups Whitbread and InterContinental (both -6.3%) are also in the top FTSE 100 fallers.

Other travel companies have been hit too, with cruise operator Carnival currently down 12.7%, holiday firm TUI off 10% and easyJet down 9.9%.

European markets are also sliding, with France’s CAC shedding 3.6%…

Read full article…www.theguardian.com