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In our weekly Market Monday insights, Prosperity Investment Management examines the latest developments across the globe's biggest financial markets - providing you with all the latest information you need to know.
The Omicron variant of COVID-19 continues to disrupt major markets around the world, with many countries reintroducing strict curbs in the immediate run-up to Christmas.
The Netherlands became the first European nation to impose a full, nationwide lockdown in the face of the growing case numbers. All non-essential shops and hospitality have closed along with gyms and hairdressers with citizens required to stay at home. The restrictions will last until 14th January at the earliest.
Many other European nations are following in their footsteps with a suite of restrictions - such as Denmark, who have closed theatres, concert halls, museums and amusement parks over the holiday period.
Ministers in the UK are weighing up further measures, with the Government set to discuss at least three options to limit the spread of the virus. Boris Johnson will discuss them with his Cabinet on Monday.
US markets endured a turbulent week as Omicron led to some considerable volatility. Treasury yields also decreased on Friday morning as headlines surrounding Omicron caused risk sentiment to weaken, pushing the 10-year Treasury note yield below 1.40% for the first time in nearly two weeks.
In economic readings, data showed that China’s factory output grew faster than expected in November, but new pandemic curbs hit retail sales and fixed asset investment growth lagged forecasts. November data also revealed that new home prices suffered their biggest month-on-month decline in six years, with the country’s lower-tier cities and developers bearing the brunt of the downturn. Government revenue from land sales fell for the fifth straight month in November, another sign of stress for the wavering property sector.
