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Sunday, January 29, 2023
Stocks & Shares

Global stocks rise as investors shrug off omicron concerns

Global stocks rise

Technology companies led US stocks higher overall on Monday as Wall Street kicked off the final week of a stellar year for the stock market with mostly muted trading

Global stocks rose on Tuesday after a rally on Wall Street as investors shook off concerns about the ommicron variant of coronavirus.

The French CAC 40 added 0.2% in early trading to 7,155.68, while the German DAX gained 0.3% to 15,878.65. The UK’s FTSE 100 had changed little at 7,372.10. US stocks took gains, with Dow futures rising nearly 0.1% to 26,200.00. S&P 500 futures had changed little, rising less than 0.1% at 4,783.25.

With the new year’s celebrations approaching, the desire to let loose is countered by uncertainties about ommicron.

Non-essential business closures and lockdowns are in place or are about to take place in some European countries.

Much of Asia has yet to see an increase in infections of the ommicron variant, but experts warn the region is unlikely to be spared.

The Japanese benchmark Nikkei 225 added 1.4% to finish at 29,069.16. The South Korean Kospi advanced 0.7% to close at 3,020.24. Hong Kong’s Hang Seng made up for early losses, gaining 0.2% to 23,280.56, while the Shanghai Composite advanced 0.4% to 3,630.11. Trade in Australia was closed for Boxing Day.

In Japan, there has been an average of 200 new cases per day lately, without a major wave of new cases so far. Many areas are bustling with end-of-year shoppers and events are held with spectators, although most people wear masks.

Still, analysts warned that uncertainties lie ahead.

Record rallies are a bit too optimistic, said Mizuho Bank’s Vishnu Varathan, pointing to huge numbers of omicron cases in Europe and the US.

Technology companies led US stocks higher overall on Monday as Wall Street kicked off the final week of a stellar year for the stock market with mostly muted trading.

With the ommicron coronavirus variant continuing to spread rapidly through the US and other countries, most major investors have closed their positions for 2021 and are looking to hold out until next week.


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