Global stocks sink after South Africa finds virus variant

By JOE McDONALD
AP Business Writer

BEIJING (AP) — Global stocks and oil prices have tumbled after South Africa found a fast-spreading coronavirus variant and the European Union proposed suspending air travel from southern Africa. London’s benchmark fell 3.3% at the opening and Tokyo lost 2.5%. Shanghai, Frankfurt and Hong Kong also declined. Wall Street futures fell. Some European countries already tightened anti-virus controls this week after their own case numbers spiked. Britain banned flights from South Africa and five nearby countries. Benchmark U.S. crude fell $4.52 to $73.87 per barrel. Brent crude lost $3.65 to $77.27 per barrel in London.