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Wednesday, January 19, 2022

Markets Crash As New Variant Coronavirus Imposes Travel Restrictions

Mr Lerner said the small sell-off is unlikely to come as a surprise given the height at which the stock is trading. “We are not making any changes to our investment guide at this time,” he wrote, adding that consumers and companies are now much more adept at dealing with viral restrictions.

West Texas Intermediate oil futures, the benchmark in the US, fell more than 13 percent to $ 68.04 a barrel, the lowest level since early September. The price of oil is particularly sensitive to viral restrictions that keep people at home. The drop came just three days after the United States and five other countries announced coordinated efforts to use their national oil reserves to try to bring down rising gas prices.

The European benchmark Brent crude oil futures fell 11 percent to about $ 73 a barrel. But Mr Ganesh said UBS predicts the price will rise to $ 90 a barrel by March, in part in anticipation that fears over new virus-related restrictions will be temporary.

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The demand for the relative safety of government bonds has risen sharply, which has led to an increase in their prices and lower yields. The yield on 10-year US Treasuries fell 15 basis points, or 0.15 percentage points, to 1.48 percent, the largest one-day fall since March 2020. The yield on German bonds, Europe’s benchmark bonds, fell 9 basis points to minus 0.34. percent.

In response to market fluctuations in the past year, stocks that thrived in a quarantine and quarantine environment, including Zoom and Peloton, rallied. Companies vulnerable to travel restrictions, such as the cruise line Carnival and the aircraft manufacturer Boeing, have fallen.

In Asia, the Nikkei 225 in Japan closed 2.5 percent lower, while the Hang Seng Index in Hong Kong fell 2.7 percent.

In Europe, energy stocks drove markets down. The Stoxx Europe 600 Index was down 3.7 percent. Britain’s FTSE 100 fell 3.6 percent, while major stocks in France and Spain fell about 5 percent.

World Nation News Deskhttps://www.worldnationnews.com
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