Omicron’s hit records high stressed asian stock markets

Updated time: 24 Jan, 2022, 14:21 (UTC+04:00)

MARKET NEWS

Omicron’s hit records high doomed Asian stock markets and clouded other exchanges’ outlook, ending the year in a tough mood. 2021 has been challenging for the region, on the contrary to Wall Street benefitting from upbeat corporate earnings and policy stimulus support.

Asian indexes moved in neutral sentiment on Thursday with MSCI's broadest index of Asia-Pacific shares outside Japan flatted and Japan’s Nikkei dropped 0.7%.
Chinese blue chips lost 6% due to Beijing’s tighter restrictions on the tech sector.
Taiwan outperformed as demand for computer chips peaked while supply limited.

Wall Street eased with S&P 500 futures and Nasdaq futures slid a little at 0.2-0.3%.

Bond markets have been squeezed from persisted U.S inflation and the Fed’s hawkish turn of rising rates next year. Two-year yields rose 55 basis points while 10-year yields shot up only 6.
Currency: The dollar was underpinned by the Fed’s efforts after retreating overnight, against the euro bouncing back to $1.1352 and the sterling’s 0.44% gains. The yen softened.
Commodities: gold steadied at $1,804/ounce, oil prices continued to rise reacting to the fall of U.S crude inventories.
Crypto was still in low volume trading. Bitcoin entered the “max pains” point after falling for a third session to around $46,200.

OMICRON’S HIT RECORDS HIGH STRESSED ASIAN STOCK MARKETS

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