Australian shares are set to slump as a global sell-off struck markets with Wall Street dropping more than 1 per cent.
US stock indexes fell more than 1 per cent. Travel stocks fell the most, with the SP 1500 airlines index dropping 2.0 per cent. Royal Caribbean Group slipped 1.8 per cent after saying 48 people on its Symphony of the Seas cruise ship tested positive for COVID-19.
The German economy, Europe’s largest, may contract this quarter as resurgent coronavirus infections trigger fresh curbs and keep shoppers at home, according to the Bundesbank. The omicron variant is likely to have a bigger effect on European stocks than on their US counterparts due to the region’s services-led economies and extended lockdowns, said State Street Global Advisors’ Altaf Kassam.
“Today’s drop has been exacerbated by the regulations curbing ‘fake foreign fund’ inflows through the links, and concerns about the US market,” said Zhang Fushen, an analyst at Shanghai PD Fortune Asset Management. “The stocks falling the most today are also those most favoured by momentum traders and those seeking cheaper leverage via the link.”The dollar came under pressure as US Treasury yields slipped.
Yields on German 10-year bonds, regarded as one of the safest assets in the world, dipped to -0.402 per cent, the lowest level since December 8. They flirted with their lowest levels since August.
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