European shares tumble on fears over new virus variant

Travel and leisure stocks plunged 6.5% after Britain announced a temporary ban on flights from South Africa

European stock markets have already been under stress this week as a resurgence in COVID-19 cases prompted new restrictions in several countries.

European stocks sank more than 3% this morning, as reports of a newly identified and possibly vaccine-resistant coronavirus variant stoked fears of a fresh hit to global economy and drove investors out of riskier assets.

The pan-European STOXX 600 index fell 3.3% by 0819 GMT, on course for its worst session in over a year, while UK's FTSE 100 dropped 3.3%. Germany's DAX fell 3.4% and France's CAC 40 shed 4.3%.