Omicorn Fears Loom Over Global Indices and Major Asset Classes

Trader’s sentiment sagged on Monday amid omicron cases on rise in the U.S. and Europe along with backslash of President Joe Biden’s Build Back Better (BBB) policy.

Major market in Asian closed in red on Monday. The SET, KOSPI, TOPX, CSI 300 and HSI closed by loosing by 1.58%, 1.81%, 2.17%, 1.50% and 1.93% respectively.

U.S. index futures also started the week on a loss with S&P500 down by 1.03%. European markets declined sharply with FTSE 100 down by 1.687% and STOXX 600 down by 1.64%.

Morning losses in the crude oil market extended with WTI futures inching down by 2.79% and Brent futures down by 2.22%.

Goldman Sachs on Monday trimmed down U.S. quarterly GDP forecast for 2022. The move came after U.S. Senator Joe Manchin withdrew his support to U.S. President Joe Biden’s $1.75 trillion domestic investment bill.