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  • Business - Market Data
  • Updated: 1 month ago

World Stock Markets React Quite Differently To Omicron

The global equity market reacted quite differently to the news of the new COVID-19 strain as governments implemented new measures to contain its spread.

There are fears that the Omnicron variant will hurt the global economy as the WHO and CDC, in collaboration with the big pharmaceutical companies, race to develop vaccines to handle this new COVID-19 variant.

These concerns stem from the fact that the current vaccines being used may not be effective enough to prevent its spread.

The British government has already put in extra measures to prevent people from affected countries from entering the UK.

Investors embraced mixed reactions to Omicron infections fears. The fears coming from this New Covid variant threaten to disrupt global economies after governments imposed new lockdowns and banned related travels.

The NASDAQ after an early morning shock picked up and is currently trading at 15,739 basis points which represents a 1.35% rise from the Friday, November 26, 2021, close.

The FTSE All-share is currently trading at 4,076.63 basis points which represents a 1.40% rise from its Friday close.

Hong Kong stocks fell to more than a one-year low on concerns that the spread of the Omicron coronavirus strain will prompt more lockdowns and hurt economic recovery.

According to Cheryl Heng of the South China Morning Post, the Hang Seng Index retreated 0.9 percent to 23,859.50 basis points at the close of Monday's trading, the lowest level since October 5, 2020.

The Hang Seng Tech Index declined 0.8 percent, while China’s Shanghai Composite Index was little changed.

Global markets sold off after the World Health Organization labeled the new COVID strain Omicron as a "variant of concern." New cases have spread in Europe, prompting the UK, US, and some European governments to ban related travel. Hong Kong recorded two such cases last week, while another was confirmed on Monday.

 

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