Risk assets plunge as virus fears cause post-Thanksgiving blues



* European shares on track for worst sell-off in a year

* Companies benefiting from economic reopening tumble in early U.S. trading

* Crude prices tumble

By Chris Prentice and Carolyn Cohn

WASHINGTON/LONDON, Nov 26 (Reuters) - U.S. stocks tumbled on Friday as markets reopened after Thanksgiving, European shares were poised for their worst sell-off in a year and oil prices hit two-month lows as fears of a possibly vaccine-resistant coronavirus variant sent investors scurrying to safe-haven assets.

The Dow Jones Industrial Average .DJI fell 894.01 points, or 2.5%, to 34,910.37, the S&P 500 .SPX lost 82.24 points, or 1.75%, to 4,619.22 and the Nasdaq Composite .IXIC dropped 216.75 points, or 1.37%, to 15,628.47 by 9:48 a.m. EST (1448 GMT) as U.S. equity markets reopened after Thanksgiving. They would close early on Friday.

The benchmark STOXX 600 index .STOXX was down 2.9% after sliding as much as 3.6% in early trading, while the volatility gauge .V2TX for the main stock market hit its highest in nearly 10 months.

Risk assets and companies benefiting from this year's economic reopening, including AMC Entertainment AMC.N , plane engine maker Rolls Royce RR.L , easyJet EZJ.L , United Airlines UAL.O and Carnival Corp CCL.N , all dropped.

"This could be the moment that people look back on as derailing the economic recovery and rate rises but what we have is a big insertion of uncertainty rather than something material," said Peter Rutter, head of equities at Royal London Asset Management.

Scientists say the variant, detected in South Africa, Botswana, Israel and Hong Kong, has an unusual combination of mutations, may be able to evade immune responses and could be more transmissible.

Britain said it was the most significant variant to date and was one of several countries to impose travel restrictions on southern Africa.

The European Commission also said it wanted to consider suspending travel from countries where the new variant has been identified, though the World Health Organization (WHO) cautioned against hastily imposing such restrictions.

"Bottom line is this is showing that COVID is still the investor narrative, a lot of today’s movement is driven by the South African variant," said Greg Bassuk, chief executive officer of AXS Investments in Port Chester, New York.

"We have been talking about four or five factors that have been driving the last couple of months' activity – inflation fears, some economic data, Fed policy – but what we have seen over the last year is that big developments with respect to COVID really have ended up eclipsing some of those other factors by a substantial degree and that is what is driving today’s market activity."

The WHO convened an experts' meeting on Friday to evaluate whether the new variant is a "variant of concern". It will take a few weeks to understand the impact of the variant, a spokesperson said.

Global shares .MIWD00000PUS fell 1.81% and were on course for their worst week since early October.

Malaysian rubber glove maker Supermax SUPM.KL , which soared 1500% during the first wave of the pandemic, leapt 15%.

Germany's DAX .GDAXI lost 2.93% and Britain's FTSE 100 .FTSE fell 3.08% to its lowest in more than a month.

MSCI's index of Asian shares outside Japan .MIAPJ0000PUS dropped 2.43%, its sharpest fall since late July. Japan's Nikkei .N225 skidded 2.4%.

In commodities, oil prices plunged as gold prices got a boost from the move away from riskier assets.

Brent crude LCOc1 was last down 6.9%, at $76.54 a barrel. U.S. crude CLc1 was last down 7.6%, at $72.43 per barrel.

Spot gold prices XAU= rose 0.50% to $1,797.44 an ounce.

As investors dashed for safe-haven assets, the yen strengthened 1.58% versus the greenback at 113.53 per dollar, while sterling GBP= was last trading at $1.333, up 0.08% on the day.

The dollar index =USD fell 0.59%, with the euro EUR= up 0.75% at $1.129.

Treasuries Benchmark 10-year notes US10YT=RR last rose in price to yield 1.514%. The 2-year note US2YT=RR last rose in price to yield 0.5078%.

The market swings come against a backdrop of already growing concern about COVID-19 outbreaks driving restrictions on movement and activity in Europe and beyond.

Markets had previously been upbeat about the strength of economic recovery, despite growing inflation fears.



World FX rates YTD Link
Global asset performance Link
Asian stock markets Link
New Covid variants rattle markets Link



Additional reporting by Chuck Mikolajczak in New York, Tom
Westbrook in Sydney and Marc Jones, Sujata Rao and Abhinav
Ramnarayan in London; Editing by Mark Potter, Kirsten Donovan
and Nick Macfie



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