29 November 2021 - Market Implications of the Nu Variant | Pacific Edge Global markets were lower on Friday, US markets (S&P500, down -2.3%) tumbled lower amid fears of a new variant of COVID (likey to be named "Nu"). European Markets (Stoxx 600 index, down -3.7%) slumped with travel and leisure stocks falling sharply to lead losses as all sectors and major bourses slid sharply into negative territory. The selloff was broad based resulting in the largest single day fall for the Dow Jones in 2021. Travel and energy stocks were hit hardest over concerns over more restrictions in travel, while bank shares retreated on fears of the slowdown in economic activity and a retracement lower in rates. To put things in context however, the US market is back at end of October levels. On the flip side, investors flocked towards vaccine makers Moderna who’s shares surged +20.6% and Pfizer shares adding +6.1%. The new variant named omicron, is believed to be more contag...