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Markets are storming: new COVID-19 strain causes sharp swings in stocks

Markets are storming: new COVID-19 strain causes sharp swings in stocks

Omicron, the latest COVID-19 variant, has caused turbulence in all stock markets worldwide. On Friday, 26 November, we saw one of the biggest declines of all markets. On Monday, 29 November, some companies managed to recover, while others kept dropping. 

A similar situation occurred earlier in the summer, as news of the Delta strain spread across the world. Its expansion lowered consumer spending and caused much concern among investors. 

Shares in airlines and travel companies collapsed sharply because of new restrictions imposed by the European Union, the US, and other countries. Indeed, Alaska Air shares dropped another 1.1% on Monday, while American Airlines declined by 1.5%. 

The tech companies succeeded in getting out on the rise. Microsoft shares rose by 2.5 %, while Apple increased by 1.4 %. Consumer-driven companies were also up, with Amazon up 1.7% and Nike up 1.2%, despite the recent news that Nike will stop supplying retail shops with its products until summer 2022.

The price of energy sources, in particular Brent crude oil, also recovered slightly, by 3.1%, compared with a 14% fall on Friday. 

Further stock fluctuations will depend on the Omicron spread and whether companies and ordinary people feel safe. So far, it is known that the new strain has already managed to spill over into Western Europe.

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