News of the spread of the Omicron variant has put COVID-19 back at the top of many investors’ list of concerns. While on a far smaller scale, the impact on markets so far has been qualitatively similar to that during the first COVID-19 meltdown between mid-February and late March of 2020. US Treasury yields have fallen, stock markets have stumbled – with US equities holding up better than those elsewhere – and energy commodities have seen big losses.
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