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European market is recovering from fear of Omicron

London — European stocks are expected to open higher on Wednesday after struggling to regain ground amid concerns over new Omicroncovid variants.

UK FTSE The index can be seen to be 30 points higher at 7,106 in Germany DAX France’s 15,198, 58 points higher CAC 40 Italy up 39 points to 6,775 FTSE MIB According to IG data, it is 157 points higher at 25,943.

The positive start of December’s first trading day is after global markets sway early and Tuesday due to concerns surrounding the new Omicron Covid-19 variant, amid concerns that vaccines could be avoided. is.

Asia Pacific major markets bounced on Wednesday When U.S. stock futures The overnight deal following the sale on Wall Street on Tuesday was higher due to concerns about new varieties and the Federal Reserve’s consideration of a faster taper than planned.

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US stocks hit the session’s lows when Federal Reserve Chair Jerome Powell said the central bank would discuss accelerating the tapering of bond purchases at its December meeting.

Despite the potential turmoil in Omicron, the Fed’s chief believes that slowing down monthly bond purchases can move faster than the $ 15 billion monthly schedule announced earlier this month. Said.

While there are expectations for the ability of vaccine makers to develop effective shots for their strains, there are still many unclear points about new variants. The World Health Organization says it will take weeks to fully understand how mutations in Omicron affect response to existing vaccines.

Tuesday morning, the market Modana CEO Stephane Bancel, Told the Financial Times He expects the vaccine to be less effective against new strains.

Bansel also told CNBC on Monday It can take several months to develop and ship a vaccine that specifically targets the Omicron variant.

There are no major revenue releases on Wednesday. Data releases include Eurozone Final Purchase Manager Index (PMI) data for November, Ireland’s unemployment rate for November, and retail sales for Germany in October.

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— CNBC’s Maggie Fitzgerald contributed to this market report.

European market is recovering from fear of Omicron

Source link European market is recovering from fear of Omicron

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