European Stocks Fall as Concerns over Covid-19 Resurgence Rise, Sparking Protests

European stocks plunged in the morning session ahead of a flash purchasing manager’s index (PMI) data for the eurozone and the lockdown in many countries due to the resurgence of Covid-19.

 

As of 16:11 local time in Thailand on November 23, 2021, DAX fell 1.33%, FTSE dipped 0.53%, CAC dropped 1.38% and STOXX600 plunged 1.43%.

 

The market was looking forward to the PMI data early in the morning session. The data came out higher than the consensus and also beat the previous data as well. Markit Composite PMI Flash for November came out at 55.8 vs. 54.2 (previous) and 53.2 (consensus). Markit Services PMI Flash came out at 56.6 vs 54.6 (previous) and 53.5 (consensus). Markit Manufacturing PMI Flash came out 58.6 vs 58.3 (previous) and 57.3 (consensus).

 

Still, the market is weighing on the resurgence of Covid-19. Germany is considering implementing stricter Covid measures, while the Netherlands went into a partial lockdown and Austria implemented another full lockdown. Several places such as Belgium, Austria, Croatia and Italy had protests against stricter Covid-19 measures.