HONG KONG, Nov 26 — Asian and European markets and oil prices plunged while safe havens rallied today over fears of a new coronavirus variant that scientists warn could be more infectious than Delta and more resistant to vaccines, potentially dealing a heavy blow to the global recovery.
“Early analysis shows that this variant has a large number of mutations that require and will undergo further study,” the WHO said. Sydney-listed Qantas lost more than five per cent, Hong Kong’s Cathay Pacific shed 4.1 per cent and Singapore Airlines more than three per cent. Macau casino operators were also down in Hong Kong.Oil prices were also sharply lower — with Brent and WTI more than four per cent lower — on concerns about the impact on demand if new containment measures were to be introduced.
The flare-up of uncertainty also sent safe-haven currencies up, with the yen — a go-to unit in times of turmoil — piling ahead against the dollar. The fact that US markets were closed for Thanksgiving on Thursday and trade would be thinner Friday “means there’s a wall of buyers missing”, meaning moves would be accentuated.
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