European Stocks Drop Amid Concerns Over Delta Covid Variant

European Stocks Drop Amid Concerns Over Delta Covid Variant

European stocks drop amid concerns over delta Covid variant. European markets turned lower after the trading session developed on Friday.

The Stoxx 600 declined by 43 basis points after markets opened in the continent. The index is experiencing its worst week since February.

Autos, food, and beverages sectors were also lower.

The German DAX traded 0.64% lower following a bigger-than-expected rise in producer prices, reporting a 1.9% jump month-month in July.

Meanwhile, the Asian stock market traded lower Friday after China leaves benchmark interest rates unchanged.  On the same day, China passed the new data protection law.

In the U.S., S&P 500 futures tumbled after a volatile trading session Thursday. The S&P 500 finished its regular trading in the green after snapping a two-day losing streak. Concerns over monetary policy, the delta Covid variant, and China’s tech crackdown linger continue to increase.

The stock of Marks & Spencer also rose by almost 11%, after the retailer boosted its profit outlook.

Supermarket Morrisons also topped by 4.2%, after it revealed that it had confirmed a takeover offer of £7 billion ($9.5 billion) from U.S.-based private equity group Clayton, Dubilier & Rice.

On Friday, Germany’s finance minister said that he is expecting a lasting and strong recovery in the third quarter. New growth figures are forecasted for Germany out next week.

British retail sales declined by 2.5% in July compared to the prior month, according to the Office for National Statistics.

Sterling dropped against the U.S. dollar at $1.36 after the data declaration.