News article in McDonald’s website confirms that after more than 30 years of operations in the country, McDonald’s Corporation...


McDonald’s To Exit from Russia after 30 Years of Service in the Country

The dollar slipped against other major currencies for a third straight day on Tuesday, tempering a long rally as investors cashed out and trimmed bets on U.S...

Stock Markets

Dollar Slipped against other Major Currencies as Focus turns to Growth

Asian shares rise on Tuesday, boosted by technology majors, as hopes expectation grow for an easing of China's regulatory crackdown on...

Stock Markets

Asian Shares Rise on High Expectation of Easing China Tech Crackdown

On Friday, Elon Musk revealed that his $44 billion takeover deal for Twitter Inc. has been put “temporarily on hold”, triggering a share plunge...

Stock Markets

Musk’s $44 Billion Twitter Acquisition Deal ‘on Hold’ Causing Shares to Plunge

His Highness Sheikh Khalifa bin Zayed Al Nahyan, the President of the United Arab Emirates and Ruler of Abu Dhabi, has passed away on Friday, May 13, aged 73...


RIP: UAE’s Sheikh Khalifa Bin Zayed Al Nahyan Passes Away

Stock Market

27 Dec 2021

Asian Stocks and Crude Oil Dip amid Looming Fears of Omicron

Asian Stocks and Crude Oil Dip amid Looming Fears of Omicron

The Index Today

Asian stocks and crude oil experienced a decrease over lower holiday-inspired trades amid rising fears over the Omicron variant of the coronavirus.

Several flights have been cancelled over the holiday weekend due to COVID-related reasons while cruise ships have also sustained a blow following virus flare-ups on vessels. China has also reported a record high of infections in 21 months with Xian being the nation’s current hotspot.

Japan’s Nikkei and South Korea’s Kospi experienced a decrease of 0.37% and 0.43% respectively. Despite China’s policies to revive the struggling real estate sector, shares of Mainland China saw a decline as Shanghai’s benchmark and blue chip index dipped 0.48% and 0.22% each.

According to Jeffrey Halley, a Senior Market Analyst at OANDA, "Omicron cases are surging in the U.S. and Europe, and although markets have well and truly priced in a less virulent strain, the disruption to goods and services from isolating workers, notably air travel, seems to be the main fallout so far." Halley contended that while this may create temporary apprehension, “the global recovery story for 2022 [is] still on track."

Brent crude oil plunged by 20 cents with barrels priced at $75.94 each, while the West Texas Intermediate futures dropped by 90 cents to $72.87 per barrel.

©Photo: REUTERS/Kim Kyung-Hoon