In Asian Equity Markets Japanese stocks closed sharply lower on Monday after a rate cut in China’s lending benchmark failed to lift investor sentiment while the spread of the Omicron coronavirus variant continues to stoke worries over an economic slowdown worldwide. The Nikkei index lost 2.13 percent to close at 27,937.81 in its biggest percentage loss since Nov. 26. The broader Topix fell 2.17 percent to 1,941.33. The CSI300 index fell 1 percent to 4,906.38 by the end of the morning session, while the Shanghai Composite Index lost 0.8 percent to 3,605.21. The Hang Seng index fell 1.4 percent to 22,858.50.

In Currency Markets the U.S. dollar hovered near its highest point in 17 months against major peers on Monday after Federal Reserve officials signalled a first pandemic-era interest rate increase could come as early as March. The euro sank with the British pound after the Netherlands went into lockdown on Sunday and Britain’s health minister declined to rule out further restrictions before Christmas amid the rapid spread of the Omicron coronavirus variant. The dollar index, which measures the currency against six major peers, stood at 96.629, not far from last month’s peak of 96.938, the highest since July 2020.

In US Equity Markets stocks finished lower on Friday, weighed down by Big Tech as investors worried about the Omicron coronavirus variant and digested the Federal Reserve’s decision to end its pandemic-era stimulus faster. The Dow fell 1.48 percent to end at 35,365.44 points, while the S&P 500 lost 1.03 percent to 4,620.64. The Nasdaq Composite fell 0.07 percent to 15,169.68. FedEx Corp rose almost 5 percent after the delivery firm reinstated its original fiscal 2022 forecast on Thursday, even as persistent labor woes chipped away profits.

In Commodities Markets oil prices fell on Friday and were also down on the week as rising cases of the Omicron coronavirus variant raised fears that new restrictions may hit fuel demand. Brent crude futures settled down 2 percent, at $73.52 a barrel, while U.S. WTI crude lost 2.1 percent, to settle at $70.86 a barrel. Brent was down 2.6 percent on the week and WTI fell 1.3 percent. Spot gold was up 0.2 percent at $1,802.12 per ounce. Auto-catalyst metal palladium rose 3.1 percent to $1,782.99, extending sharp gains from Thursday. Silver steadied at $22.47 while platinum rose 0.5 percent to $940.71.

In European Equity Markets banks and luxury stocks led declines on Friday, pushing European shares into the red for the week that saw hawkish signals from a flurry of major central banks and rising worries about the economic impact of the Omicron coronavirus variant. The pan-European STOXX 600 index fell 0.6 percent after rallying on Thursday, when the European Central Bank reined in stimulus slightly but promised to support the economy. London’s FTSE outperformed, rising 0.1 percent as miners and retailers rallied, while a slide in luxury stocks saw France’s CAC 40 lost 1.1 percent.

In Bond Markets U.S. Treasury bond yields were lower on Friday, though off session lows, as traders assessed the recent hawkish Federal Reserve stance as it bank tries to balance rising inflation against the economic toll of the Omicron coronavirus variant. The yield on 10-year Treasury notes was down 1.6 basis points to 1.406 percent. The yield on the 30-year Treasury bond was down 4.6 basis points to 1.815 percent. The two-year U.S. Treasury yield, which typically moves in step with interest rate expectations, was up 2.3 basis points at 0.644 percent.