European stocks fall to 3-week low on Omicron fears

European stocks fell on Monday, deepening losses for the second straight session, amid fears over the rapid spread of the Omicron variant in most parts of the world, and warnings from the World Health Organization.

The Stoxx Europe 600 index fell 1.7% as of 11:15 GMT, after it closed lower by 0.5% and hit the lowest level since December 3rd at 461.79 points.

The pan European index lost 0.35% last week, the fourth weekly loss in 5 weeks, due to risk aversion.

The travel sector saw the largest loss in Europe today, with a drop of 2.5%, due to growing Omicron Covid fears.

The World Health Organization said on Saturday that Omicron cases are doubling in 1.5 to 3 days in areas with community transmission, adding that there are still limited data on the clinical severity of Omicron.

The Netherlands went into lockdown on Sunday, with more lockdown restrictions looming before the Christmas and New Year holidays in many European countries.

S&P 500 futures fell 1.5% today ahead of Wall Street's opening, after the index closed lower by 1% on Friday.

Back to Europe, the Euro Stoxx 50 index fell 1.7%, France's CAC 40 fell 1.5%, Germany's DAX index fell 1.9%, and the UK's FTSE 100 fell more than 1.4%.