Peter Nurse 

European Stock Markets Trade Lower Thursday, as Investors Worry about Omicron Covid Variation Spread and Economic Damage.

At 3:50 AM ET (0850 GMT), the in Germany traded 1% lower, the in France fell 0.9% and the U.K.’s dropped 0.7%. 

Following the announcement that America was the most recent country to find a Covid-19 variant of the omicron, the European indices fell. 

The World Health Organisation stated that at least 23 countries from five of six regions have reported cases of omicron, “and we expect that number to grow.” 

Although the UN agency anticipates having more information about the transmission of this new coronavirus variant within the next few days, it noted that South Africa is seeing an increase in hospitalizations and that omicron is quickly becoming the predominant variant.

“Frankly, omicron will dominate and overwhelm the whole world in three to six months,” said Singapore doctor Leong Hoe Nam on CNBC.

There was some good news from GlaxoSmithKline (NYSE:) Thursday, with the drugmaker’s antiviral Covid treatment approved for use by the U.K. regulatory agency while analysis showed it was effective against omicron. The stock rose 0.2% to outperform the overall negative market.

Novartis The stock of (SIX) also rose 0.2% following the Swiss drugmaker’s confidence that it can grow its sales by 4% per year up to 2026. Thyssenkrupp stock (DE::) rose 0.3% after Thyssenkrupp, a German conglomerate, stated it is on the right track in restructuring its plans and expects its margins will increase.

Elsewhere, Daily Mail General Trust (LON) stock rose 1.9% following the Rothermere family’s increase in cash to its offer for other shareholders.

Tomorrow’s economic data release includes Eurozone data and October data.

Crude prices were higher on Thursday as they recovered from the three-months lowest levels during the previous session. Traders adjusted positions to prepare for the OPEC+ meeting that will determine future output levels. 

According to growing expectations, the Organization of Petroleum Exporting Countries plus its allies (known as OPEC+), will halt plans for adding 400,000 barrels of oil per day in January.

Capturing the gains was news about a smaller-than-expected draw on inventories of 910,000 barrels last week.

U.S. crude oil futures were trading 1.4% higher at $66.50 per barrel by 3:50 AM ET. Contracts rose 1.3% to $69.73

The price fell 0.7% to $1771.30/oz. However, it was mostly flat at 1.1317.