European stocks rebound after posting largest daily loss in 2021

European shares rose on Monday, rebounding from a 6-week low after posting the largest daily loss in 2021 on Friday, which comes despite fears over the spread of the new coronavirus variant "Omicron."

The Stoxx Europe 600 index rose 1.1% as of 11:32 GMT, after closing lower by 3.7% on Friday, and hit a 6 week-low at 463.69 points.

The pan index lost more than 4.5% last week, posting its second straight weekly loss and the largest weekly loss since late October 2020, due to concerns about the fourth wave of the coronavirus infections in Europe.

The traveling sector saw the largest gains in Europe today, with a rise of over 3%, as most of the sector companies recouped Friday's heavy losses.

The risks are that Omicron is highly resistant to current vaccines, with cases already reported in the UK, Germany, Canada, Australia, and Hong Kong, which raises fears over the speed of the spread and the current vaccines ability to prevent it.

The World Health Organization on Friday said Omicron variant poses a very high global risk, and scientists stressed it contained a high number of mutations.

S&P 500 futures rose 1.2% today ahead of Wall Street's opening, after the index closed 2.3% lower on Friday and hit a 4-week low.

Back to Europe, the Euro Stoxx 50 index rose 1.3%, France's CAC 40 rose 1.4%, and Germany's DAX index rose 1%, while the UK's FTSE 100 rose 1.2%.