Spreadex Market Update

FTSE reaches 22-month high after recovery from Omicron losses



The FTSE is currently up 0.75% as continued optimistic news regarding the new variant is released, such as Boris Johnson announcing that there will be no further restrictions imposed, due to the low severity of Omicron.

However, the same cannot be said for the rest of Europe as both the DAX (-0.74%) and CAC (-0.35%) dropped today, after most of Europe sees a “tsunami” of cases, with France recording over 200,000 cases in the past 24 hours.

This has in turn lead to UK travel stocks to lower, such as IAG being down over 2%, and holiday operator, TUI, in the red by over 5%.

Many experts are expecting the Omicron variant to have its real affect in 2022, as inflation is likely to soar, leading to rising interest rates, while the international supply chain is still going to be heavily disrupted.

A mixed start for the US saw both the DOW and S&P in the green while the NASDAQ dropped into the negative.

Rising global Covid cases is also having an effect on US markets, but like the UK, it does seem to be handling the worries reasonably well.

In fact, some believe these rising cases to be positive for markets as the Fed are likely to keep their loose monetary policies.

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