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Wednesday, January 26, 2022

European Stocks Set To Take Off As Omicron Concerns Ease: EMEA Addresses Concerns

European stocks closed higher with fears of the new COVID variant from Africa not causing much impact. Almost every major bourse and sector traded their way into positive territory as stock seemed set to bounce back from the sell-off on Friday.

The WHO had labeled the new variant of the COVID-19 virus as a ‘variant of concern.’ The first expert to detect the new variant, a South African doctor, said that the variant had a mild symptom though it has been spreading fast. South Africa said that despite the spike in active cases, there has not been a surge in hospitalization.

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With easing concerns, the European stocks move up with the pan-European Stoxx 600 closing provisionally higher at 0.8%. Oil and gas were the major gainers among European stocks with an increase of 2.2%.

European Stocks Turned Back After Concerns Ease Over Omicron Variant

Earlier European stocks had slid on Friday due to multiple reasons including disappointing US employment data and the WHO warning. The European stocks had fallen by 0.6%, while the DAX was down 0.6%. CAC of France was down 0.4% and FTSW of the UK also fell.

The tepid start for EU stocks comes after investors continued to monitor and be wary of developments surrounding the pandemic. with each fresh report of a variant, the bourses have continued to be cautious though there have not been any drastic slides of late.

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There has also been more positive news from the US as Dr. Anthony Fauci has said that the initial date emerging on the Omicron variant has been encouraging. But he cautioned that more data was needed to give a clear signal.

Along with European stocks, Asian-Pacific stocks also bounced back making up for Monday losses with Wall street rallying on news that omicron could be a mild variant. US stocks closed flat in overnight trade.

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