Week Ahead: Risk-Off Grips Markets, Treasuries Rise As New COVID Variant Emerges – Investing.com
- Date: 28-Nov-2021
- Source: Investing.com
- Sector:Healthcare
- Country:Gulf
Week Ahead: Risk-Off Grips Markets, Treasuries Rise As New COVID Variant Emerges – Investing.com
Fears of the latest COVID variant, dubbed Omicron, will likely in the upcoming week, overshadowing positive US economic data including better than expected figures, released ahead of Thursday's Thanksgiving holiday. Though scientists don't yet know a lot about the rapidly spreading B.1.1.529 Omicron variant—first detected in South Africa—the World Health Organization (WHO) declared on Friday it was "a 'variant of concern,' indicating that it carries higher risks than other virus strains."
Panicked investors dumped everything from risk to haven assets as the trading week came to a close. Equities, gold and the dollar all sold off. It appeared the only thing being bought were Treasuries.
The plunged 2.27% on Friday, its sharpest daily drop on a percentage basis in nine months. However, the move, which came the day after the Thanksgiving holiday, occurred during thin holiday trading. That's something that exaggerates price action given there were few counter-trades available.
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