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Stocks lose $3.7tn globally in week after omicron emerges

3% drop fueled by investor uncertainty, with little known about COVID variant

Global market capitalization fell by 3% during the past week, a total of $3.7 trillion, as the new omicron coronavirus variant causes uncertainty among investors.   © Reuters

TOKYO -- Global market capitalization shrank by $3.7 trillion, or 3%, during the past week as the omicron coronavirus variant spread, shaking investor confidence and driving money out of travel-related stocks such as airlines and commodities including oil.

Bond markets already are pricing in curbs on monetary easing as well as an economic slowdown. But markets are still determining the impact of the new variant, and asset prices are likely to be sensitive to swings over the near term.

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