Asian markets tumble on Omicron spike, Biden spending bill doubts

Asian markets tumble on Omicron spike, Biden spending bill doubts

Asian stocks and oil prices sank Monday on fears about a fresh global surge in coronavirus infections and as the future of US President Joe Biden’s massive social spending bill was thrown into doubt after it lost the crucial vote of a moderate Democrat.

With traders beginning to wind down ahead of the festive season, analysts said trade was thinner and markets more susceptible to swings, but the mood has become increasingly glum as central banks start paring their huge financial support to fight inflation.

At the same time, economies are taking a hit as the fast-spreading Omicron coronavirus variant forces governments to reimpose containment measures and consumers are staying at home.

“Omicron remains a concern and cases are on the rise,” said Robert Schein of Blanke Schein Wealth Management. “Investors should be prepared for COVID to continue to be a main factor in market performance heading into 2022.”

“After…

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