European stock markets nosedived to close significantly lower on Friday as a new coronavirus variant sparked fears about the global economy.

The STOXX Europe 600, which includes around 90% of the market capitalization of the European market in 17 countries, fell 17.67, or 3.67%, to close at 464.05.

London’s FTSE 100 lost 266 points, or 3.64%, to end the day at 7,044, while Germany’s DAX 30 declined 660 points, or 4.15%, to finish at 15,257.

France’s CAC 40 decreased 336 points, or 4.75%, to 6,739.

Italy’s FTSE MIB 30 was the worst performer based on points, by shedding 4.6%, or 1,245 points, to end the day at 25,852.

Spain’s IBEX 35 had the worst decline in percentage, as it plummeted 438 points, or 4.96%, to close at 8,402.

Investors are worried that a new coronavirus variant known as B.1.1.529 in South Africa could prompt quarantine measures, closure of businesses, and halt economic recovery around the world once again./aa