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Stocks slump as GameStop trading frenzy spooks investors – business live


The Reddit revolution has done a number on the European and US markets, scaring investors away from the message board-led volatility.

Of course, it’s not the Gamestop-saga alone. The vaccine rollout process in Europe has hit a confidence-undermining road bump this week, with the public spat between the UK, EU and AstraZeneca, while an end to lockdown in the UK appears nowhere in sight.

It is telling how risk-off investors are feeling this Friday that news the Novavax Covid-19 vaccine is nearly 90% effective – including against the UK variant – failed to induce the same dose of optimism as previous announcements of its kind.

Instead the markets opened Friday awash with red. The FTSE fell another 0.9%, this time despite the pound’s own reversal against the dollar and the euro.

Completing the erasure of the blockbuster growth that opened 2021, the UK index is now trading under 6,470, its worst price for over 5 weeks.



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