Omicron worries resurface after Moderna CEO Stephane Bancel told the Financial Times that he expects existing vaccines to be less effective against the new variant. Consequently, European shares opened lower on Tuesday with the EU STOXX 600 index trending lower by -1.0% (11:00 AM, GMT +1). The Spanish IBEX 35 suffered a double-whammy due to the Moderna news and poor retail sales data, and is leading the losers among major European indices with a -2.14% plunge.
Spain's retail sales dropped 0.7% year-on-year in October 2021, the fourth consecutive month of contraction or no growth, as pandemic concerns and its impact on the economy continued to weigh on consumption. Food trade was down 0.6% (vs 1.0% in September). Non-food trade fell 3.2% (vs -1.8% in September), led by declines in household equipment (-4.5% vs -1.9%) and other goods (-3.2% vs -2.3%). On the other hand, purchases of personal equipment rose at a faster pace (19.6% vs 15.8%).
Spanish ETFs are dragged down with Lyxor IBEX 35 (DR) UCITS ETF, Xtrackers Spain UCITS ETF and BBVA Accion IBEX 35 ETF falling -1.81%, -1.25% and -1.94% respectively.
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