Commenting on the new coronavirus variant's potential impact on the economic activity, European Union (EU) Economy Commissioner Paolo Gentiloni told Bloomberg that economies are adapted to the crisis, as reported by Reuters.

"There is no reason to panic," Gentiloni added.

Market reaction

These comments don't seem to be helping the market mood improve. As of writing, the Euro Stoxx 50 Index was down 1.6% on the day and Germany's DAX 30 was losing 1.5%. Moreover, US stock index futures are losing between 0.7% and 1.45%.