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Risk sentiment deteriorated during the Asian session as markets became worried about a new coronavirus variant from South Africa. Nu variant is said to be the more transmissible and more resistant to neutralizing antibodies
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UK Health Security Agency said that it is the most challenging coronavirus variant yet
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Nikkei dropped 2.5%, Kospi moved 1.5% lower and S&P/ASX 200 plunged 1.7%. Indices from China traded 0.5-2.0% lower
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DAX futures and US futures trade lower
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Safe haven currencies, like CHF or JPY, gained. Commodity currencies, like AUD, NZD and CAD, are the weakest in the G10 basket
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Gold moved above $1,800. WTI and Brent drop around 3% each. Industrial metals trade slightly lower
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Bitcoin and other cryptocurrencies trade lower
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Singapore will not allow arrivals from South Africa and nearby countries. Similar move is reportedly considered by Japan
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Australian retail sales increased 4.9% MoM in October (exp. 2.2% MoM)
WTI (OIL.WTI) erased almost all of the gains made following the SPR release announcement. New coronavirus variant is pressuring markets with risk assets taking a big hit today. It is said that it is more transmissible and more resistant to antibodies. Source: xStation5
