LONDON — European markets plummeted on Monday, as the rapid spread of the omicron Covid-19 variant triggers stricter containment measures across the continent.

Pan-European Stoxx 600Early trade fell 2.3%, and travel and leisure stocks dropped 3.3%. This was in addition to the sharp declines of all major bourses.

It Netherlands entered full lockdown on Sunday until mid-JanuaryA number of European countries are facing increased Covid-19 cases, which could lead to tighter restrictions in the New Year and Christmas.

German residents, German citizens, and passengers traveling from transit countries will not be permitted to enter Germany via the U.K. Starting Monday, all travelers must undergo quarantine for 14 consecutive days, regardless of whether they have been immunized. For arrivals from France, Norway and Denmark, travel restrictions were also in place.

Austria’s entry will be restricted to those who have been vaccinated by Monday.

Cases have also begun to spiral statesideNew York State and the District of Columbia posted record-breaking daily records for consecutive days, respectively.

Stock futures fell sharplyPremarket trade was underway in the United States early on. This indicated a negative opening on Wall Street, as Omicron worries and the Federal Reserve’s impending tightening monetary policy had weighed down sentiment.

Stocks in Asia-Pacific also pulled back overnightJapanese markets suffered losses. China has slashed its benchmark borrowing rate for the first times in nearly a decade and a quarter.

Data-wise, the October euro area current accounts figure will be released Monday morning.

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