European stocks hit 1-week low on renewed Omicron concerns

European stocks fell on Tuesday, deepening losses for the fifth straight session and hit a 1-week low, due to investors' risk aversion, amid renewed fears about the the coronavirus variant Omicron, and growing concerns about accelerating the pace of tightening monetary policy in the US.

The Stoxx Europe 600 index fell more than 0.1% as of 11:25 GMT, and hit the lowest in a week at 472.93 points, after it closed lower by 0.4% yesterday.

The automotive sector saw the largest loss in Europe today, with a drop of over 0.75%, following a broad sell-off of auto companies in Wall Street.

UK Prime Minister Boris Johnson announced the first death in Britain from the new Covid 19 variant "Omicron", and warned from a new wave of infections.

UK scientists announced results that two doses of the current coronavirus vaccines won't be enough to prevent Omicron infection. 

While the Chinese health authorities reported the first case of Omicron in the city of Tianjin, a 2-hour drive from Beijing.

S&P 500 futures rose 0.5% today ahead of Wall Street's opening, after the index lower 0.9% due to investors' risk aversion.

The Federal Reserve’s meeting will kick off later today, and the decisions to be revealed tomorrow, amid expectations to cut the bonds purchases program much earlier than expected.

Back to Europe, the Euro Stoxx 50 index fell 0.2%, France's CAC 40 fell 0.1%, and Germany's DAX index fell 0.3%. 

While the UK's FTSE 100 rose 0.4%, as the sterling pound fell, which lifts the stocks of export companies.