An employee passes share price information displayed on an electronic ticker board inside the London Stock Exchange. File photo: BLOOMBERG via GETTY IMAGES/LUKE MACGREGOR
Travel and leisure stocks jumped more than 3%, with Ryanair adding 10% and British Airways owner IAG gaining more than 12%, reflecting expectations that Omicron’s impact on the industry will be less severe than initially feared. The US dollar rose to its highest since 2017 against the Japanese yen after US treasury yields jumped on Monday as traders bet on an early Federal Reserve interest rate hike to tame fast-rising inflation. Eurozone bond yields held steady near their highest levels in about two months.
Analysts said the gains for stocks reflect optimism over prospects for the US economy. “We are firmly of the view the US is seeing boom conditions and a very tight labour market, which will boost household incomes,” said John Milroy, an Ord Minnett adviser in Sydney. Benchmark US 10-year yields leapt 12.5 basis points on Monday to touch 1.6420% for the first time since November 24, as investors bet on a series of interest rate raises this year to combat rising inflation. Money markets have fully priced in a first US rate increase by May, and two more by the end of 2022.
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