(Reuters) – European stocks plunged more than 2% Monday in the face of a worldwide sell-off. Investors are worried about the possibility of tighter Pandemic Controls that could impact the global economy due to the Omicron COVID-19 variant of pandemic.

Pan-European fell 2.3% to its lowest level in over two weeks.

With losses close to 3% in Travel, Leisure and Mining stocks, the largest subsectors of the economy were also affected. [O/R]

The Netherlands placed a lockdown Sunday. However, the possibility of stricter COVID-19 regulations ahead of Christmas and New Year holiday holidays is looming large in many European countries.

Futures that track the benchmark U.S. stock index fell 1.5% in parallel to U.S. Sen. Joe Manchin (a moderate Democrat, who was key in President Joe Biden’s efforts to pass a domestic investment bill worth $1.75 trillion) said that he wouldn’t support the package.

Goldman Sachs’ (NYSE:) U.S. real GDP forecasts were reduced to 2% for the quarter ended March 2022, compared with 3% earlier. The forecasts also decreased marginally for the quarters that follow.

Novo Nordisk shares plunged 14.3% following the announcement by the Danish drugmaker that it will not be able meet U.S. demand for its latest obesity medication.

BNP Paribas (+ 0.9%) gained after the French lender announced that it agreed to sell the U.S. Bank of the West Unit to Canada’s BMO Financial Group. It is expected to make around $16.3billion.