It was particularly bearish start to the week for the majors on Monday.
The EuroStoxx600 fell by 2.30%, with the DAX30 and the CAC40 ending the day down by 2.62% and by 2.54% respectively.
There were no major stats to provide the majors with direction, leaving the markets to respond to the fresh spike in new COVID-19 cases.
While Europe and the U.S remain open for business, low vaccination rates across other key economies and rising cases have led to a reintroduction of containment measures.
These measures have raised concerns over the pace of the economic recovery. Ahead of the latest spike, the markets had come under pressure after a string of disappointing numbers from Germany and China in particular.
All of this has been coupled with a continued pickup in inflationary pressures, another negative for the majors.
There were no major stats from the Eurozone to provide the majors with direction at the start of the week.
From the U.S
There were also no stats from the U.S to guide the European majors late in the European session.
The Market Movers
For the DAX: It was a particularly bearish day for the auto sector on Monday. Continental slid by 3.08% to lead the way down, with BMW and Daimler falling by 2.95% and by 2.96% respectively. Volkswagen ended the day with a 2.55% loss.
It was also a bearish day for the banks. Deutsche Bank and Commerzbank ended the day down by 2.05% and by 3.17% respectively.
From the CAC, it was a particularly bearish day for the banks. Soc Gen and BNP Paribas slid by 4.58% and by 4.19% respectively, with Credit Agricole falling by 3.09%.
It was also a bearish day for the French auto sector. Stellantis NV and Renault ended the day down by 3.60% and by 3.67% respectively.
Air France-KLM declined by 2.89%, with Airbus SE tumbling by 6.38%.
On the VIX Index
It was a 3rd consecutive day in the green for the VIX on Monday, marking a 4th gain in 7-sessions.
Following an 8.47% increase from Friday, the VIX jumped by 21.95% to end the day at 22.50.
The Dow slid by 2.09%, with the NASDAQ and the S&P500 ending the day down by 1.06% and by 1.59% respectively.