Global Equity Takes Bull Run as Omicron Fears Recedes

Globally shares advanced on Thursday as traders prices in omicron variant of COVID-19 might be less severe.

MSCI Asia ex Japan inched up on Thursday by 0.57%. The SET and TOPIX neared 1% gain while KOSPI, TOPIX, CSI300 and HSI closed inching up by 0.46%, 0.70% and 0.40% respectively.

Japanese administration revised GDP growth for 2022 upwards despite challenges posed by omicron variant and supple chain con

Omicron concerns eased as U.S. FDA approved word’s first oral drug for COVID-19 developed by Pfizer while AstraZeneca on Thursday said that a three-dose course of AstraZeneca vaccine Covid-19 vaccine is effective against the omicron variant, citing a study from Oxford University lab.

Risk mode moderately went off in the European markets as well with STOXX 600 inched up 0.42% while U.S. futures pre-market are rallying with S&P 500 up by 0.15%, Dow Jones up by 0.17% and Nasdaq up by 0.05%.

Oil market rallied after U.S. official numbers showed shortfall in inventory. The WTI futures is now trading down by 0.21% at $72.61 a barrel while Brent is down by 0.17% at $75.16 per barrel.