European stocks tumble

European markets plunged on Monday as investors monitored a fast-spreading new variant of the coronavirus that has shut down much of the U.K, CNBC reports.

The pan-European Stoxx 600  dropped by 2.8 percent by late morning, with banks and travel stocks each falling more than 4 percent to lead losses. All sectors and major bourses slid into negative territory.

Traders are nervously watching the new Covid mutation in the U.K., which has resulted in a tough lockdown in London and other parts of southeast England and a U-turn on the mixing of households over the Christmas break.