Asia Markets Mixed as Omicron, Fed Taper Keep Traders On Edge

Asia Markets Mixed as Omicron, Fed Taper Keep Traders On Edge

As the pandemic hustles economies around the world, the US-China stand-off has been a major headache, with the two sides butting heads on several issues that have fanned worries they could renew their damaging trade war | AFP

Asian markets were mixed Friday as traders tracked developments in the Omicron virus strain as it spreads around the world, fuelling concerns about the economic recovery, just as the Federal Reserve sets the stage to withdraw its vast pandemic-era financial support.

Hong Kong was among the main losers with several dual-listed tech giants taking a hit after US officials adopted a rule allowing them to remove foreign firms from Wall Street unless they provided certain information to auditors, a move primarily targeting Chinese entities.

Global markets have whipsawed since the Omicron variant hit headlines last Friday over concerns that it may be even more transmissible than the Delta strain and that vaccines may be less effective against it.

While some of the initial panic has died down, with some suggesting it could be milder and that inoculations would be effective, experts have said it could take up to three weeks to get a full picture of the outlook and its possible economic impact.

For now, governments are