Stocks bounce despite worries over new coronavirus variant

Stocks bounce despite worries over new coronavirus variant

UK and European stocks are higher this morning but fell heavily on Monday on concerns over a new coronavirus strain. The new mutation appears to be 70% more effective in its transmission and has forced the UK government to impose tight lockdown restrictions in London and the south-east of England. Many countries have shut their borders to Britain.

Regarding the negotiations between the UK and EU to find agreement on a post-Brexit trade deal, Boris Johnson said the position is “unchanged, there are problems,” and that the UK could still leave without a deal. Today however, there are reports that the EU may make a new proposal on fishing rights which is a main sticking point.

US stocks rallied back late in Monday’s session to recover most of the losses seen earlier. Congress approved a $900 billion coronavirus stimulus package on Monday night.

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