Stocks fell and oil prices plunged more than 10 per cent on Friday as the emergence of a new COVID-19 variant rattled global markets.
Asian markets led the way, with Hong Kong's Hang Seng Index dropping 2.7 per cent, while Japan's Nikkei 225 was down 2.5 per cent. European markets also sold off heavily, with major indexes including the FTSE100, France's CAC40 and Germany's DAX falling between 3 per cent and 4 per cent.
US markets, which were closed Thursday for Thanksgiving, were also slammed during Friday's shortened trading session. Dow futures fell more than 900 points, or about 2.5 per cent. The S&P 500 and Nasdaq were down nearly 2 per cent.