FTSE 100 rebounds as oil rallies despite worries over Omicron variant – business live | Business


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After their biggest losses in a year on Friday, stock markets appear to be stabilizing as investors seek more information on the Omicron variant, which is urging some governments to bring in new travel rules, and could threaten the global recovery.

Asia-Pacific markets declined further today, with Japan Nikkei losing an additional 1.6% as the Tokyo government announced it was temporarily closing its borders to foreign visitors.

Hong Kong Hang Seng is down 1.1%, and South Korea KOSPI soaking 0.9%.

Travel and hospitality stocks were hit by investor concerns over Omicron’s spread around the world, which also prompted Israel to ban entry to all foreign nationals and Morocco to suspend all incoming flights for two weeks,

Japanese AirlinesHong Kong shares down 4% Cathay Pacific losing 3.8%, and Korea Air 2.4% decrease

that of Australia Qantas Airways slipped 6% at the opening, before recovering to be down just 2%

Casino shares listed in Hong Kong have also declined due to concerns about the virus, and reports that an arrest warrant has been issued for the head of Macau’s largest junk group for cross-border gambling activities (Marketwatch has more details).

But futures markets signal that Wall Street will rebound after the Dow fell 2.5% on Friday in its worst drop of the year, accentuated by the Thanksgiving holiday.

European markets will also rise, following Friday’s dip, which saw £ 72bn wipe out Britain’s main stock index in its biggest percentage drop in more than a year.

The blue chip FTSE 100 is expected to rise by more than 1%, recovering part of Friday’s losses.

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European Open Calls:#FTSE 7112 + 0.96%#DAX 15363 + 0.70%#CAC 6787 + 0.70%#AEX 790 + 1.09%#MIB 26044 + 0.74%#IBEX 8461 + 0.70%#OMX 2255 + 0.59%#SMI 12189 -0.08%#STOXX 4132 + 1.04%#IGOpeningCall


November 29, 2021

Jeffrey Halley, a senior market analyst at OANDA, says some retailers are optimistic, though we just don’t know if Omicron is a “delta 2.0, or a kinder version”.


As the week begins again, it is a very mixed performance in Asia today. Over the weekend, the WHO said the symptoms of omicron appear to be mild, and the head of Moderna said a recently redesigned version of their vaccine could be available by early 2022.

That seems to be enough to remove the perpetual optimists from the U.S. stock market, with U.S. index futures accumulating strongly this morning.

Halley however warns that the prospect of the resurgence of the pandemic is hitting


Moved the sky and the earth over the past six months to get vaccine rates across the region to impressive levels, the prospect of them being ineffective and commercial suffering of course weighs on sentiment.

The first move in early Asia on Monday is often wrong. If that is true today, the early optimism shown in the busiest time of the week for global markets could evaporate as the day goes on. It is difficult to see Europe for example, already facing another Covid-19 wave and more constraints, suddenly finding light at the end of the man tunnel.

G7 health ministers are due to hold an emergency meeting today on Omicron as experts run to determine the level of threat posed by the new strain.

The agenda

  • 9.30am GMT: Bank of England mortgage approvals and consumer credit report for October
  • 10am GMT: Eurozone Consumer and Business Confidence Report
  • 13:00 GMT: Germany inflation for November (previous estimate)
  • 3pm GMT: US pending home sales for October

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