Asian stocks and US equity futures rose Monday on bets that the global economic recovery will weather the Omicron virus variant as well as tighter central bank policies to fight elevated inflation.
Meanwhile, the pound slipped after Prime Minister Boris Johnson warned the UK faces a “tidal wave” of infections from the Omicron variant. The dollar was steady. China again set its daily reference rate at a weaker-than-expected level, signalling that the central bank is willing to do more to stall a relentless rally in the nation’s currency.
Traders are also monitoring China’s outlook. Economists predict the nation will start adding fiscal stimulus in early 2022 after the country’s top officials said their key goals for the coming year include counteracting growth pressures and stabilising the economy.
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