Coronavirus Update: Omicron variant not severe, S&P 500 futures jump 1%

Starting out a fresh week in early trades, the risk sentiment took a big hit on the renewed fears over the Omicron covid variant.

Although the sentiment improved over the last hours, with the major economies quickly acting to curb the virus spread while many industry and health experts opine that the effects of the new variant are unlikely to be more severe.

Among the latest updates, China's aviation regulator said on Monday that it would suspend Air France from operating four Paris-Tianjin flights from Nov. 29 due to COVID-19 cases.

Japanese media outlets reported that entry for all foreigners will be banned almost immediately and an announcement to that effect is expected as early as this afternoon. 

The Australian state of Victoria announces a 14-day quarantine requirement for arrivals from parts of Africa.

The country’s Health Minister Greg Hunt said, “We are vastly, vastly better prepared than the overwhelming majority of the world, and I say that with great respect to the immense work that’s been done globally.”

“Australia’s National Security Committee will meet today to review the evidence and consider actions surrounding the omicron variant and a National Cabinet meeting will be held in the next 48 hours,” Hunt said.

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