The bulls reload because Omicron has the convenience of Reuters

By Herbert Lash and Marc Jones

NEW YORK / LONDON (Reuters) – The global stock market soared and oil prices rose on Tuesday, with the Omicron COVID-19 variant believing it would not cause much economic damage, while a one-off stimulus from China helped spark the rally.

The Nasdaq rose 3% as technology stocks fell, helping the European major companies’ index to a first-round gain of more than 1% since February.

Shares of technology rose by 5.3% in Europe, while the information technology sector rose by 3.3% to more than 2%. All S&P sectors were higher.

Asia has bounced back from the night with some of China’s top tech giants, including e-commerce giants. Alibaba (NYSE 🙂 Group and other major technologies, including JD (NASDAQ :). Com Inc. and Baidu Inc. (NASDAQ :).

Investors have decided on Omicron and believe it will prevent another major economic shock, said market analyst Fawad Razaqzada of ThinkMarkets.

“After careful consideration, they believe that it is probably no more dangerous than the Delta variant of coronavirus and that the preventive blockages and restrictions we have seen will soon be alleviated,” Razaqzada said in a statement.

In the latest news on Coronavirus, European health agencies have recommended mixing and matching COVID-19 vaccines, both for initial shots and booster doses, as the region faces more and more cases before Christmas.

The MSCI nationwide index rose 2.20% and the FTSEurofirst 300 rose 2.43%.

Wall Street was up 1.67%, the S&P 500 was up 2.22% and the uptrend was 2.95%.

The risk-taking helped the dollar to rise against currencies such as the Japanese yen, which lost 0.6% overnight, and a confident Australian dollar also found buyers. [FRX/]

Following the green card compared to a six-coin basket, it rose by 0.15% to 96,444. The euro fell 0.35% to $ 1.1245, while the yen gained 0.15% to $ 113.63.

Expectations that the Federal Reserve will accelerate the reduction of its bond-buying program also helped the dollar when it collapsed next week in the wake of the labor market turmoil.

Basic earnings rose 1.4 points to 1.448%.

People believe that the Fed will do more, and earlier, to tackle inflation, said David Petrosinelli, a senior trader at InspereX, referring to the equalization of the yield curve that measures the difference between the yields of two- and 10-year Treasury bills.

“The front is focused on the Fed’s tightening policy because they need it, and the back acknowledges that this economy is likely to slow in the first quarter,” he said.

German government bonds in the safe harbor went the other way with yields – moving in the opposite direction – rising by 1.7 points to a negative 0.37% after falling to a three-month low on Monday. [GVD/EUR]

Equity gains also came after China’s central bank injected a second stimulus since July, reducing the amount of money banks need to hold in reserve.

However, with uncertainty about its property sector, Evergrande was on the verge of restoration. But data showing stronger growth in imports “has been a positive sign of strong domestic demand,” said RBC analyst Adam Cole.

Shares of the conflicting developer Evergrande were at a record low as markets waited to see if the $ 82.5 million bond payment, which was already overdue, had been made or was formally defaulted.

Elsewhere, Australia’s S & P / ASX200 rose nearly 1% when its central bank dropped interest rates by 0.1% and rose 1.9% as the yen fell. ()

Oil prices rose by about $ 3 in the hope that Omicron would do less damage, and the prospect of an immediate rise in Iranian oil exports fell behind.

He added $ 2.85 and $ 75.93 a barrel. $ 3.15 rose to $ 72.64 a barrel.

US President Joe Biden and Russian President Vladimir Putin will hold a video conference around 3pm GMT.