The start of the week for the majors on Monday was particularly negative.
The EuroStoxx600 lost 2.30%, while the DAX30 and the CAC40 lost the day by 2.62% and 2.54% respectively.
There weren’t any key statistics to guide the majors, so markets had to respond to the renewed spike in new COVID-19 cases.
While Europe and the US remain open for business, low vaccination rates in other major economies and rising cases have led to the reintroduction of containment measures.
These measures have raised concerns about the pace of economic recovery. Before the recent surge, the markets came under pressure after a series of disappointing numbers, particularly from Germany and China.
All of this came with a sustained rise in inflationary pressures, another disadvantage for the majors.
At the start of the week, there were no key statistics from the euro zone that could guide the majors.
From the USA
There were also no stats from the US to guide the European majors towards the end of the European session.
The market movers
For the DAX: It was a particularly bearish day for the auto sector on Monday. Continental slipped 3.08% to lead the way down with BMW and Daimler Decrease of 2.95% and 2.96% respectively. Volkswagen ended the day with a loss of 2.55%.
It was a bearish day for the banks too. Deutsche Bank and Commerzbank ended the day down 2.05% and 3.17%, respectively.
From the CAC, it was a particularly bearish day for banks. Soc Gen and BNP Paribas slipped by 4.58% and 4.19% respectively Credit Agricole decrease by 3.09%.
It was also a bearish day for the French auto sector. Stellantis NV and Renault ended the day down 3.60% and 3.67% respectively.
Air France-KLM decreased by 2.89%, with Airbus SE 6.38% drop.
On the VIX index
It was in the green for the third day in a row for the VIX on Monday, representing a fourth increase in 7 sessions.
After rising 8.47% from Friday, the VIX rose 21.95% to end the day at 22.50.
The Dow was down 2.09% while the NASDAQ and S&P500 ended the day down 1.06% and 1.59%, respectively.