Irish shares hit and global oil price slides amid fears of return of European lockdowns   

Prominent Irish shares fell while economists assess whether the European Covid-19 surge will be repeated in North America

People gather on the shopping street Marienhilfer Strasse in Vienna, Austria, on Friday. Austrian Chancellor Alexander Schallenberg says the country will go into a national lockdown to contain a fourth wave of coronavirus cases. Mr Schallenberg said the lockdown will start Monday, Nov.22 and initially last for 10 days. Picture: Lisa Leutner/AP

Fears Germany will follow Austria and reimpose harsh Covid-19 restrictions as soon as Monday came back to haunt Irish and other European airline, hospitality, and tourism shares even as tech stocks rallied across the world on bets of a return to widespread home working.           

Investors fled to so-called haven investments such as gold and sovereign bonds, while the global price of crude oil slid, after Germany's top health official refused to rule out re-imposing strict measures following a surprise move by Austria.