Kaohoon Morning Brief – 2 December 2021

1) US private payrolls increased 534,000 in November

U.S. private payrolls in November increased 534,000, according to ADP Research Institute’s national employment report released Wednesday. The figure was higher than an estimate of 525,000 but was lower than 570,000 jobs reported in October. Jobless claims ending 27 November will be announced later today on a forecast of 245,000 which is an increase from 199,000 a week before.


2) Wall Street closed lower, hit by first omicron case in U.S.

Wall Street finished lower in a selloff, especially travel-related stocks, prompted by the discovery of the first confirmed omicron case in the U.S. The Dow Jones Industrial Average fell 461.68 points, decreased 1.34%. S&P 500 dropped 1.18% and Nasdaq plunged 1.83%.


3) Omicron was found in 23 countries, WHO says

The World Health Organization (WHO) said on Wednesday that 23 countries across the world have reported case(s) of the new variant of coronavirus called omicron.

“At least 23 countries from five of six WHO regions have now reported cases of omicron and we expect that number to grow,” said WHO Director-General Tedros Adhanom Ghebreyesus.

“WHO takes this development extremely seriously and so should every country. But it should not surprise us,” he added. “This is what viruses do. And it’s what this virus will continue to do, as long as we allow it to continue spreading.”

According to the timeline, WHO and other drugmakers should take about a week or two to give a primary report of vaccine efficacy against omicron.


4) Oil edged slightly higher in hopes of OPEC+ pausing additional output

Oil prices slightly bounced back in hopes of OPEC+ to pause monthly supply additions amid growing concern over the spread of the new Covid-19 variant. OPEC and its allies have been adding an additional 400,000 barrels per day (bpd) of output to global supply each month

West Texas Intermediate rose 0.44% to $65.86 per barrel in the morning session of Asian markets on December 2, 2021. Meanwhile, the international benchmark Brent crude rose 0.42% to $69.16 a barrel.