Stock markets rattled by fears about emerging COVID variant

Global stock markets and oil prices tumbled Friday after South Africa identified a new, fast-spreading coronavirus variant and the European Union proposed suspending air travel from the region.

The 27-nation EU proposed a mass travel suspension to member governments after South Africa said the variant was spreading in its most populous province.

Britain banned flights from South Africa and five nearby countries. Austria imposed a 10-day lockdown while Italy restricted activity by unvaccinated people. Americans were advised by their government to avoid Germany and Denmark. Belgium has already reported two cases of the emerging variant, and the slew of data points has