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OFFON

Romain Fournier

Chief Editor
Having worked in the British, French and Swiss financial press, Romain is able to report on local and international issues, as comfortable in French as in the language of Shakespeare, Romain Fournier leads the editorial team at Marketscreener. Fine connoisseur of the English-speaking markets, Romain delivers an editorial every day on US and UK markets.

Reports of milder Omicron symptoms reassure investors

12/06/2021 | 05:33am EST

Oil stocks and drugmakers helped the FTSE 100 to rise this morning. It gained 0.8% to 7184. Investors also welcomed a paper from the South African Medical Research Council that indicates that omicron symptoms were milder than previous variants, and that hospitalized patients mainly had comorbidities.

Although many scientists believe it is too early to draw any conclusions on the severity of Omicron, markets chose to see the bright side and are rising across Europe.

Meanwhile, after Saudi Arabia raised its crude prices, BP and Royal Dutch Shell gained more than 1%. AstraZeneca is also among the best performers.

However, sentiment was mitigated by new data from the Confederation of British industry, which suggests that Britain's economy may grow more slowly than expected this year and in 2023 due to global supply chain problems.

This week, all eyes will be on Friday's U.S. consumer price report, which could lead the Federal Reserve to reduce bond purchases faster.

Meanwhile, Berenberg believes that a December rate hike is likely in the U.K. at the BoE December 16 meeting, bar any Omicron surprise.

 

Things to ready today:

Data on Omicron’s severity is ‘encouraging’, says US health chief (Financial Times)

China is faltering, but the world is not feeling the effects (Financial Times)

Johnson Says U.K. Awaiting Advice on Omicron Risks Before Review (Bloomberg)


© MarketScreener.com 2021
Stocks mentioned in the article
ChangeLast1st jan.
ASTRAZENECA PLC 4.49% 8862 Delayed Quote.-2.27%
AUSTRALIAN DOLLAR / BRITISH POUND (AUD/GBP) -0.53% 0.52597 Delayed Quote.-1.19%
BELIEVE -0.84% 14.408 Real-time Quote.-14.74%
CANADIAN DOLLAR / BRITISH POUND (CAD/GBP) 0.08% 0.587247 Delayed Quote.0.30%
EURO / BRITISH POUND (EUR/GBP) -0.25% 0.83235 Delayed Quote.-0.44%
FTSE 100 1.08% 7550.15 Delayed Quote.1.15%
INDIAN RUPEE / BRITISH POUND (INR/GBP) 0.19% 0.009941 Delayed Quote.-0.20%
LONDON BRENT OIL 0.20% 89.81 Delayed Quote.13.01%
SHELL PLC 0.63% 23.045 Real-time Quote.18.59%
TIMES CHINA HOLDINGS LIMITED -1.91% 4.1 End-of-day quote.8.75%
US DOLLAR / BRITISH POUND (USD/GBP) 0.53% 0.746519 Delayed Quote.0.16%
WTI -0.06% 87.23 Delayed Quote.13.23%