12.03am EST00:03
The Omicron strain continues to cast a bit of a shadow over the financial markets with stocks in Asia struggling in Monday’s session thanks in part to concerns about the pandemic renewing itself.
Japan’s Nikkei eased 0.5% but Korea, Australia and Chinese blue-chip stocks were all in positive territory. The UK, European and US markets are expected to rise at the opening bell on Monday.
Kyle Rodda, market analyst at IG in Melbourne, said on Monday that as Omicron cases spread to more countries “there’s no clear sense” on what it all means for the global the economy.
He added: “However early indicators are that the strain is more virulent, vaccine resistant at least to some extent, but maybe a little milder than previous strains. Concerningly, it also seems to hit kids harder than any other variant. To what degree these things are true is practically unknown at the moment. But markets seem to be pricing in that it’s going to have a negative impact on global economic activity.”
Hong Kong was down 1.2% partly because Evergrande, the troubled Chinese property giant hinted that it might not meet its latest default deadline, taking its shares down 11% on Monday.