Global stock markets sink on resurgent virus fears; oil down
2 hours ago
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World stocks sank on Monday as the spreading Delta virus variant fuelled fears it could undermine the economic recovery, while oil prices tanked after leading producers finally agreed to hike output.
Oil prices plunged after the Opec+ alliance agreed on Sunday to pump an extra 400,000 barrels per day a month from August to meet rising demand as economies reopen.
London stocks gave up 2.6 per cent in afternoon deals meanwhile after the UK government lifted England’s daily pandemic curbs despite soaring infection rates.
The British pound hit its lowest since February on Monday as global markets turned cautious over a surge in coronavirus infections, meaning that riskier currencies lost out to the safe-haven dollar.
Risk-aversion ruled the day as bond yields dropped and stocks faced their longest losing streak since the pandemic first hit global markets 18 months ago.