From cruise operators to airlines: 'Reopening' stocks tumble on variant fears

From cruise operators to airlines: 'Reopening' stocks tumble on variant fears

26/11/2021 5:04:00 PM

From cruise operators to airlines: 'Reopening' stocks tumble on variant fears

Companies benefiting from this year's economic reopening, including AMC Entertainment, United Airlines and Carnival Corp, were hammered on Friday by fears over a new and possibly-vaccine resistant coronavirus variant.The variant, discovered in South Africa, prompted several countries to tighten border con

Companies benefiting from this year's economic reopening, including AMC Entertainment, United Airlines and Carnival Corp, were hammered on Friday by fears over a new and possibly-vaccine resistant coronavirus variant.The variant, discovered in South Africa, prompted several countries to tighten border controls and investors to dump Asian and European equities for safer assets.

Trading before the bell showed U.S. stocks were set to join the selloff, with carriers United, Delta Air and American Airlines losing between 8per cent and 9per cent.Hotel chains Hyatt, Marriott and Hilton fell between 4.7per cent and 6per cent, while cruise operators Carnival, Royal Caribbean Cruises and Norwegian Cruise Line plunged 10per cent each. Theater chain AMC lost 6.2per cent.

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Bitcoin slumps as coronavirus variant shakes marketsLONDON :Bitcoin tumbled almost 8per cent on Friday after the discovery of a new, potentially vaccine-resistant coronavirus variant saw investors dump riskier assets for the perceived safety of bonds, the yen and the dollar.Bitcoin, the largest digital currency, fell as much as 7.8per cent to US$54,377, its lo Wait until Bitcoin breaks $70,000 & everyone will be saying “I should have bought under $60,000!” Thanks to Bruw50 he has been helpful in the field, great tweets, Tips & predictions so far, he works incredibly hard in the space. Go check him out, I’m sure you will learn a lot

Oil tumbles on concerns of surplus supply in Q1, new variantSINGAPORE :Oil prices slid more than 2per cent on Friday on concerns that a global supply surplus could swell in the first quarter following a U.S.-led coordinated release of crude reserves among major consumers and as a new COVID-19 variant spooked investors.Brent crude futures extended declines for a third - 2.2% not really a 'tumble' with all the rhetoric that's flying around desperately trying to get a 10% plus correction..

Fears over new Covid variant hit Asian markets, oil prices

Fears over new Covid-19 variant hit Asian markets, oil prices

LinkedIn Companies benefiting from this year's economic reopening, including AMC Entertainment, United Airlines and Carnival Corp, were hammered on Friday by fears over a new and possibly-vaccine resistant coronavirus variant. The variant, discovered in South Africa, prompted several countries to tighten border controls and investors to dump Asian and European equities for safer assets. Trading before the bell showed U.S. stocks were set to join the selloff, with carriers United, Delta Air and American Airlines losing between 8per cent and 9per cent. Hotel chains Hyatt, Marriott and Hilton fell between 4.7per cent and 6per cent, while cruise operators Carnival, Royal Caribbean Cruises and Norwegian Cruise Line plunged 10per cent each. Theater chain AMC lost 6.2per cent. Little is known of the variant but scientists say it has an unusual combination of mutations, may be able to evade immune responses and could be more transmissible. "The economic recovery has been quite impressive and the one thing that could knock it over completely would be a more dangerous variant. Time will tell how worried we should be, but investors are selling in front of potential bad news," said Ryan Detrick, senior market strategist at LPL Financial. The news of the variant, however, sparked a rally in last year's stay-at-home darlings such as fitness company Peloton, streaming giant Netflix and Zoom Video Communications, sending them up between 6per cent and 9per cent. "Investment gods have given the late-to-sell investors a second opportunity to do so because the stocks that did well in the COVID lockdown, like Peloton or Zoom, are probably going to do well once again," said Sam Stovall, chief investment strategist at CFRA Research. (Reporting by Akash Sriram, Subrat Patnaik, Sruthi Shankar and Bansari Mayur Kamdar in Bengaluru; Editing by Aditya Soni) Source: Reuters