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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 United Kingdom has imposed its Plan B set of coronavirus restrictions - including controversial immunity passports for England - as Europe prepares for a “tidal wave” of infections due to the more transmissible Omicron variant.
Stopping short of introducing any further draconian measures, the UK Government hopes to use Plan B as a means of slowing the spread of COVID-19 whilst it ramps up its vaccination booster programme.
Despite the national alert level being raised to level four, all shops, hospitality and businesses remain open with no restrictions. However, as part of Plan B, so-called immunity passports are set to be voted through by MPs during the week. Under these plans, visitors to any indoor venue in England holding more than 500 people or outdoor venue with a capacity greater than 4,000 will have to provide proof of full vaccination, natural immunity or a negative lateral flow test to gain entry. Similar regulations are already in place in Scotland and Wales.
Meanwhile, the rest of Europe is also bracing for a wave of Omicron infections. Denmark and Norway have tightened their measures, following similar moves in Germany, Italy, France and Ireland. Poland has made vaccines mandatory for public sector workers whilst in Austria, Chancellor Karl Nehammer said the national lockdown there would be lifted on Sunday but that restrictions would still apply to unvaccinated citizens.
In more positive news, the US Labor Department reported that 184,000 Americans applied for unemployment benefits in the previous week - the lowest number since 1969. The number of open jobs in the U.S. also rose much more than expected to a record 11 million, with most of the gains coming in accommodation and food services.
Revised figures for economic growth released by Japan’s Cabinet Office showed that gross domestic product contracted by an annualised 3.6% in the third quarter, more than the preliminary estimate of 3.0%. Private consumption fell by more than expected, primarily due to a surge in coronavirus cases over the summer.
