Asia stocks flat as surging Omicron cases cloud year-end trade

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Oil is close to finishing 2021 with gains of more than 50%

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

MSCI’s broadest index of Asia-Pacific shares outside Japan were flat, leaving it down 6% on the year. BofA analyst Ajay Kapur sees some upside for Asian markets in the near term but is neutral from the second quarter onward given that is when global liquidity is likely to peak as the Federal Reserve stops buying assets.

The Nasdaq is ahead by 22% on the year, though much of that is due to stratospheric increases in the value of just seven tech groups — Apple alone makes up 11% of the index.

 

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