Markets play 'Omicron tennis', rand back below R16/$ Thu, 02 Dec 2021 09:45:47 +0000
Asian markets were mixed Thursday and oil edged up with traders still trying to claw back their latest Omicron-induced losses but still full of uncertainty after Wall Street suffered a late plunge in response to the United States reporting its first
Global stock markets rebounded Wednesday and oil prices surged following Omicron-driven losses and on the eve of a key output meeting of OPEC and its allies.
World stocks and oil prices slid Tuesday after Moderna warned current vaccines might be less effective at fending off the Omicron variant, and eurozone inflation spiked to a record high.
Equities and oil sank again Tuesday after the head of Moderna warned current coronavirus vaccines might be less effective at fending off the Omicron variant, fuelling fears that countries could be forced back into economically painful lockdowns.
The JSE's All Share index gained 1.4% in early afternoon, while the rand strengthened to R16.18/$, from R16.33 on Friday.
The fate of global markets now depends at least in part on laboratories around the world probing the omicron Covid-19 strain, potentially leaving investors with weeks of uncertainty in the wait for answers.
"The one bull in the china shop that could truly derail the global recovery has always been a new strain of Covid-19 that swept the world," a trader said.
Leading stock markets mostly rose on Thursday following data confirming a strong US economic recovery.
US equities rose Monday as Federal Reserve chairman Jerome Powell was renominated for another term, but other stock markets wobbled as investors fretted over inflation and possible new pandemic lockdowns in Europe.
US and European stock markets fell Friday and the euro slumped as Austria announced a new strict lockdown to try to curb surging Covid cases, triggering heavy losses for oil prices.
An interest-rate increase by South Africa’s central bank provided little support for the rand, which fell to its weakest levels this year.
French and German stock markets hit record peaks Thursday with the euro weakened by dimmed expectations of an ECB rate hike despite soaring inflation, while London extended losses.
Global stock markets mostly climbed on Friday - a positive end to a week in which the threat of inflation spooked investors, but not enough to scuttle the rally.
Regulators of the US Treasury market will meet this week to consider ways to improve market functioning and resilience.
Russia said Friday it will continue supplying gas to Europe after Belarusian President Alexander Lukashenko threatened to cut off deliveries in response to possible sanctions over a migrant crisis on the Belarus-Poland border.
From a dodgy digital currency inspired by Netflix hit "Squid Game" to highly-volatile dog-themed coins, the cryptocurrency sector has become riskier than ever as it soars in value.
Kimbal Musk sold Tesla shares a day before his brother, CEO Elon Musk, launched his now infamous Twitter poll.
The world cryptocurrency market is worth more than $3 trillion (R45 trillion) for the first time, according to calculations on Monday, as mainstream investors increasingly jump on board.
Saudi Arabia’s stock exchange is due to make its trading debut next month after starting the process to sell a 30% stake in an initial public offering, according to its chief executive officer.
In the past week, Dubai has made a series of moves designed to attract listings to the city and catch up with regional rivals that have drawn billions of dollars over the past year.