Asian stocks were steady Friday after U.S. shares reached an all-time high amid optimism that the economic recovery will shrug off the outbreak of the omicron virus strain.
Japan’s market fluctuated and China dipped. But casino firms rallied in Hong Kong on favorable results from Macau license-renewal hearings. Volumes have thinned and many markets are closed or operating with reduced hours on Christmas Eve. Sentiment has been helped by economic data that painted a picture of solid U.S. growth, and a U.K. study suggesting omicron infections are less likely to lead to hospitalization. But the research cautioned the fast-spreading variant may still produce a significant number of serious cases. Treasuries and a dollargauge slipped in U.S. hours, while crude oil pushed up toward $74 a barrel. Bitcoin was trading around $51,000 and at one point touched the highest in more than two weeks. There is no cash trading of Treasuries on Friday.
Former Treasury Secretary Lawrence Summers warned of a testing period for the U.S. economy in coming years, with the risk of recession followed by stagnation. Summers said the Fed had been late to spot the dangers of inflation.
Omicron “will create some slowdowns in the economy, perhaps some slowdowns of production which could add to inflation pressures in the short term,” Paul Christopher, head of global market strategy at Wells Fargo Investment Institute, said on Bloomberg Television.
Macro :
- South Africa to Stop Quarantines as 80% Have Past Infection
- Bitcoin Climbs to $51,000, Hits Highest in More Than Two Weeks
- Zinc, Aluminum Decline on China Demand Hit, 2022 Supply Outlook
Keep an eye on :
Keep an eye on :
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