top of page
Long-time Chief Executive Officer Ben Silbermann of Pinterest would step down, handing over the reins of the social media platform to Google...

Stock Market

Google executive to take over as a new CEO of Pinterest

Top accounting firm Ernst & Young has been slammed with a record $100 million fine from the US government...

Stock Market

Accounting firm gets 100 million fine for faulty regulations

The Indian rupee slipped into a fresh low today and extended losses against the US dollar.


The rupee tumbled to a new low against the dollar in the midst of an increase in crude oil price

Wall Street saw a sharp fall at its closing in a broad sell-off. Consumers' worries over recession have sparked up...

Stock Market

Wall Street Lose Balance after recession strikes growth fear among consumers’

Soaring inflation may be pushing the US economy into a deep recession. Last week's 0.75% interest rate hike by the Federal Reserve...

Stock Market

Inflation ringing the recession bell - Mohammed Shaheen

Stock Market

8 Dec 2021

Asian Stocks Rise as Omicron Fears Recede

The Index Today

The Index Today — Asian shares hit a record two-week high heralding a worldwide ease rally in the aftermath of reports suggesting milder symptoms of the Omicron virus variant which makes it less of a threat to the world economy, thwarting initial fears.

Nasdaq futures soared by 0.4% even as the Europe-wide Euro Stoxx 50 futures remained flat. The U.S. S&P 500 futures also rose by 0.3%.

Stefan Hofer, Chief Investment Strategist for LGT Bank in Asia Pacific, reiterated the negative impact that Omicron and the other virus variants have had on the market saying, “it seems too early to signal an all clear.” "With each new variant, we go through a period of waiting for some signal from the scientific community, which is difficult for markets, but that's what we got yesterday," he added.

British pharmaceuticals GSK announced that their antibody-based COVID-19 treatment with American partner Vir Biotechnology has proven to be an effective health measure against the Omicron variant.

Additionally, a South African research study on Tuesday contended that the Pfizer-BioNTech vaccine continues to be a competent shield against the new variant, although other reports suggested that the Omicron can remain partly unaffected by it.

These reports have contributed largely to the record high growth of MSCI’s world index by 2.1% since November, 2020 on Tuesday. Oil growth has also reportedly increased above 3%.

The U.S. crude plunged 0.17% to $71.93 per barrel. Brent crude growth also decreased from 0.11% to $75.36 a barrel.

©Photo: AP

Clay pottery with table linens
bottom of page