Why the fear of slowing growth has scared investors

News of a potentially quick spreading new Covid variation has effectively set off a rough response on business sectors and in various diverse asset classes. While much attention has normally landed on equity markets, with large falls in the FTSE-100 and mainland European records, for example, the DAX in Germany and the CAC-40 in France, presumably the main move has been in the oil price. The cost of a barrel of Brent crude tumbled to $77.28 - a level it has not seen since 24 September. And, while a new Covid variation is without a doubt unwanted news, the fall…