Global Markets Set to Close the Year on an Upbeat Tone Following Upbeat US Data

The global stock markets recorded an upbeat sentiment on Thursday following data released from the US indicating that the recent increase in Omicron infections had not triggered a surge in layoffs, which analysts assert is a positive indicator for the economy. Additionally, the latest development led to a decent increase in oil prices and the US dollar.

Market sentiment also got a lift from governments’ hesitance to implement economically-stifling lockdown restrictions despite rising coronavirus cases.

MSCI’s gauge tracking stocks across the globe increased by 0.14%, while the pan-European STOXX 600 index increased by 0.15%.

Meanwhile, on Wall Street, the Dow Jones Industrial Average traded relatively unchanged at 0.1% while the S&P 500 jumped by 0.15%. Furthermore, the Nasdaq Composite spiked by 0.53%, amid optimism over the milder-than-expected effects of the Omicron variant.

Asian Markets Traded Positively Too as China Promises to Go After Inefficient Refineries

On the other side of the planet, the Asian markets also witnessed some relief on Thursday, with South Korea’s 5.1% industrial output increase indicating ease on supply chain issues. Meanwhile, the Chinese stock market rallied close to 1% on the back of Beijing signaling possible lower interest rates in 2022. Also, shares in Taiwan ended the year with a bang, with a 24% annual increase.

Japanese shares slipped by 0.4% on the last trading day of the year but closed at a 4.9% annual increase. However, this gain was some points off from the three-decade high recorded in September.

Moving on, crude oil prices traded on a mixed sentiment on Thursday amid growth worries and talks that the Chinese government had slashed its first batch of 2022 crude oil import quotas by 11%, indicating that it could become hostile towards small inefficient refineries.