Stocks, oil prices rebound from Omicron rout

US and European stocks as well as oil prices rebounded Monday from a pre-weekend slump that was sparked by fears over a new variant of Covid-19.

Frankfurt, London and Paris’s equities advanced, having tumbled Friday by around four per cent on worries of a major hit to the global economy. On Wall Street, all three major indices snapped more than a percentage point higher at the opening bell, having lost more than two per cent on Friday.

“The panic has passed for now,” OANDA analyst Craig Erlam told AFP. “There were no overly concerning developments over the weekend and so investors are testing the water again — but sentiment will remain fragile.”