industry

How Omicron could decimate global markets before they've recovered


The Omicron variant has impacted not only the UK’s FTSE 100 but also markets from around the world.

Germany’s Dax and France’s Cac 40 fell by more than 1.5 percent each on Tuesday.

In addition, the pan-European Stoxx 600 dropped by 1.5 percent to hit its lowest levels seen in nearly seven weeks.

They have all regained some ground, but are still struggling, with many experts warning this faltering could continue in the face of Omicron fears.

Tokyo’s Nikkei index closed down 1.6 percent, crude oil prices fell nearly three percent and the Australian dollar also hit a one-year low.

In the face of markets plunging on Friday when Omicron was discovered, there has been a scramble for safe-haven stocks such as gold, German Government bonds and the yen.

Although economists are warning about the dampening impact of the Omicron variant – the FTSE 100 and FTSE 250 are still substantially higher than this time last year, by around 8.3 percent and 9.6 percent respectively.





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