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.
