Once again, the rise in government bond yields is acting as the catalyst for the sell off in stocks.
Traders continue to be bullish as the fear surrounding the omicron variant of the coronavirus continue to fall, and that has pushed up equity markets.
Stocks in Europe are set to close higher this afternoon and indices in the US are enjoying respectable gains as dealers are less worried about the omicron strain of Covid-19.
European equity markets are down on the day because of the sizeable losses seen in the US last night. Yesterday, America recorded its first case of the omicron variant of the Covid-19 virus, and that impacted markets in Asia and Europe.
Traders have shrugged off the fears surrounding the omicron strain of the coronavirus and they are snapping up relatively cheap stocks today.
Equity markets are down this afternoon as Stephane Bancel, the CEO of Moderna, cautioned that existing Covid-19 vaccinations might struggle to contain the omicron strain of the virus.
The mood in the markets today is very different to what was seen last Friday when traders were running for the hills due to renewed concerns about the pandemic.
US retail sales rose more than expected in October due to Americans starting holiday shopping early with some merchandise in short supply as
Oil prices continued their decline at the beginning of the week's trading
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