{"id":123482,"date":"2021-11-29T07:47:50","date_gmt":"2021-11-29T07:47:50","guid":{"rendered":"https:\/\/fin2me.com\/?p=123482"},"modified":"2021-11-29T07:47:50","modified_gmt":"2021-11-29T07:47:50","slug":"new-covid-variant-fears-rattle-global-markets","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/new-covid-variant-fears-rattle-global-markets\/","title":{"rendered":"New Covid variant fears rattle global markets"},"content":{"rendered":"<p><cite>Hong Kong (CNN Business)<\/cite>Asia Pacific markets were down on Monday as investors continued to digest news about a new Covid-19 variant.<\/p>\n<p>As of 1:30 am ET on Monday, Japan&#8217;s <span>Nikkei 225<\/span> <span>(<span>N225<\/span>)<\/span> was down about 1.6%, while Hong Kong&#8217;s <span>Hang Seng Index<\/span> <span>(<span>HSI<\/span>)<\/span> had dipped 1.2%. South Korea&#8217;s <span>Kospi<\/span> <span>(<span>KOSPI<\/span>)<\/span> and Australia&#8217;s S&amp;P\/ASX 200 each edged down about 0.9% and 0.5%, respectively. China&#8217;s <span>Shanghai Composite<\/span> <span>(<span>SHCOMP<\/span>)<\/span> was flat.<br \/>\nBut in the United States, stock futures pointed up. Dow futures, S&amp;P 500 futures and Nasdaq futures each gained rose 0.5%, 0.8% and 1%, respectively.<\/p>\n<ul><\/ul>\n<p>Oil prices showed an upswing, too. Brent crude, the global benchmark, was up more than 3% to about $75 a barrel, as US crude jumped 4% to $71.<\/p>\n<ul><\/ul>\n<p>But analysts are still bracing for signs of how the Omicron variant could endanger more lives, disrupt the global economy and continue to affect markets after a dramatic sell-off on Friday. <\/p>\n<h3>Fear of the unknown<\/h3>\n<p>The Omicron variant of the coronavirus has prompted a fresh round of travel restrictions across the world, and raised concern about what may be next in the pandemic.<br \/>\nOn Friday, the World Health Organization (WHO) designated the strain as a &#8220;variant of concern,&#8221; and said that multiple studies on it were underway.<br \/>\nThat was followed by an update from the organization on Sunday, which urged people to continue social distancing, wear masks and maintain hand hygiene.<br \/>\n&#8220;It is not yet clear whether Omicron is more transmissible &#8230; compared to other variants, including Delta,&#8221; the WHO said.<br \/>\n&#8220;[The] WHO is working with technical partners to understand the potential impact of this variant on our existing countermeasures, including vaccines.&#8221;<br \/>\n<img decoding=\"async\" alt=\"Stocks and oil plunge as new Covid variant fears slam global markets\" class=\"media__image\" src=\"\/\/cdn.cnn.com\/cnnnext\/dam\/assets\/211126033313-restricted-nasdaq-new-york-11-17-2021-large-169.jpg\"><\/p>\n<p>In a note Saturday, Nohshad Shah of Goldman Sachs said that it was too early for analysts to &#8220;draw conclusions&#8221; just yet.<br \/>\n&#8220;It should be stressed that at this stage we have very little laboratory evidence and very limited real world data,&#8221; he noted.<br \/>\nBut &#8220;the [selloff] after Friday&#8217;s news about the new variant of concern was a reminder of the heightened macro volatility in the current environment,&#8221; Shah, co-head of interest rates sales for Europe, the Middle East and Africa, wrote. &#8220;The next couple of weeks could be pretty nervy for markets.&#8221;<br \/>\n<img decoding=\"async\" alt=\"Dow logs worst day in over a year as fears over new Covid-19 variant grip global markets\" class=\"media__image\" src=\"\/\/cdn.cnn.com\/cnnnext\/dam\/assets\/211126131256-dow-stock-market-today-covid-variant-112621-large-169.jpg\"><\/p>\n<p>In a report Sunday, economists at Morgan Stanley said the emergence of the new strain posed &#8220;a near-term risk&#8221; to their outlook for Asia.<br \/>\n&#8220;However, with a much higher share of vaccinated population, the downside risk to growth could be less than what transpired in mid-2021, provided that the variant is not more challenging than Delta,&#8221; they added, referring to the highly contagious Delta variant that was first detected earlier this year.<br \/>\n&#8220;To assess the Omicron variant&#8217;s impact, we are watching for details on its transmissibility and impact on vaccine efficacy as well as on hospitalizations and mortality rates.&#8221;<\/p>\n<h3>Markets slammed<\/h3>\n<p>On Friday, stocks around the world fell as fear gripped global markets. Oil prices plunged more than 10%.<br \/>\nIn the United States, the <span>Dow<\/span> <span>(<span>INDU<\/span>)<\/span> logged its worst day in over a year, plummeting 905 points, or 2.5%.<br \/>\nThe <span>S&amp;P 500<\/span> <span>(<span>SPX<\/span>)<\/span> also had its worst day since February, closing down 2.3%.<br \/>\nFor the <span>Nasdaq Composite<\/span> <span>(<span>COMP<\/span>)<\/span>, it was the worst day since September. The index finished down 2.2%.<br \/>\nFriday had a shortened trading session in the US that ended around lunchtime, after markets were closed Thursday for Thanksgiving. Traditionally, the half-day session is lower in trading volume, which can exacerbate the swings in the market.<br \/>\nDan Ives, managing director of equity research at Wedbush Securities, wrote in a note over the weekend that his team viewed the rout on Friday &#8220;as a clear buying opportunity.&#8221;<br \/>\n&#8220;Ultimately this is not the first or last variant scare,&#8221; he said. <\/p>\n<ul><\/ul>\n<p>&#8220;While volatility and news flow around this situation will grab the headlines, our tech [investing] playbook remains unchanged.&#8221;<br \/>\n<em>-\u2014 Anneken Tappe, Christina Maxouris and Laura He contributed to this report.<\/em><br \/>\nSource: <a href=\"https:\/\/edition.cnn.com\/2021\/11\/29\/investing\/global-stocks-omicron-variant-intl-hnk\/index.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hong Kong (CNN Business)Asia Pacific markets were down on Monday as investors continued to digest news about a new Covid-19 variant. As of 1:30 am [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":123481,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>New Covid variant fears rattle global markets - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/markets\/new-covid-variant-fears-rattle-global-markets\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New Covid variant fears rattle global markets - Fin2me\" \/>\n<meta property=\"og:description\" content=\"Hong Kong (CNN Business)Asia Pacific markets were down on Monday as investors continued to digest news about a new Covid-19 variant. 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