A variety of asset classes from oil to Japan’s Nikkei Stock Average are now trading at around one-month highs, having walked back losses from late November when the Omicron variant of COVID-19 first emerged and sent investors scurrying for safe havens.
On Tuesday, Japan’s Nikkei gained 1.3%, and touched its highest since November 26, while MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.66%. Recent losses by index heavyweights like Alibaba and Tencent mean the broad benchmark is still well off its late November levels. China reported 209 new confirmed coronavirus cases for December 27, up from 200 a day earlier, mostly in the northwestern province of Shaanxi, where Xian, the provincial capital, is in lockdown.
Overnight the S&P 500 index rose 1.38% to end at a record on Monday as strong US retail sales underscored economic strength, while the Dow Jones Industrial Average climbed 0.98% and the Nasdaq Composite added 1.39%.Oil prices cautiously extended gains on Tuesday, after surging more than 2% to their highest in a month a day before.Meanwhile the yen slipped to 114.87 per dollar, having touched a one-month low earlier in the session.
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