NASDAQ Climbs up as Markets Rebound; Omicron Worries Subside

U.S. stocks bounced back with bullishness for the second day, with equities around the world. There is optimism that the Omicron variant will not affect global economies in a big way.

The S&P 500 jumped 2.1% to the highest level since the emergence of the new virus strain that crashed markets in the last week of November. Tech shares jumped back up. Bitcoin rallied and crude oil moved past $72/barrel in New York.

Stoxx Europe is up by 2.46%
Dow Jones is up by 1.43%
NASDAQ is up by 3%

BMW Hits 10 Lakh EV Sales

German carmaker BMW said on Tuesday that it has sold its ten lakh electric vehicle (EV) and is planning to reach 20 lakh total EV sales by 2025. Board member Pieter Nota also mentioned that around 70% of EVs sold so far were hybrids. The automaker is targeting at least 50% of global sales to be fully electric by 2030, but lacking charging infrastructure may continue to be a major barrier to quicker sales.

Samsung To Merge Its Mobile And Consumer Electronics Divisions

Samsung Electronics on Tuesday revealed its plans to merge its mobile and consumer electronics divisions and named new co-chief executives. Instead of three, there will be two co-chief executives to lead two divisions of business chips and consumer devices. This is the biggest reshuffle in the South Korean giant since 2017.

UAE To Shift To Saturday-Sunday Weekend

The United Arab Emirates has announced plans to shift to a Saturday-Sunday weekend with a working week of four and half days from the start of 2022 to align its economy with global markets. Private companies will have the freedom to choose their own working week. UAE  currently has a Friday-Saturday weekend and from January 1 of 2022, the new system will be implemented. According to the government circular, the weekend will start on Friday afternoon, including for schools. 

U.S. Third-Quarter Labor Costs Revised Higher

The Labor Department said on Tuesday that unit labor costs, which indicates the price of labor per single unit of output, rose at a 9.6% annualized pace last quarter. It was revised from the 8.3% pace reported in November. The labor costs accelerated at a 5.9% rate in the April-June quarter. On a YoY basis, the costs increased at a 6.3% rate, instead of the previously reported 4.8% rate. All this data suggests that inflation could remain high for a while.

Glaxo Antibody Treatment Works on Omicron Mutations in Study

GlaxoSmithKline Plc said research shows its Covid-19 antibody treatment is effective against the full combination of mutations in the new omicron variant. Tests done in-vitro against a pseudo-virus that recreates a synthesized version of omicron showed that sotrovimab, Glaxo’s antibody treatment, stands up to all mutations in the spike protein of the omicron variant and not just the key mutations, the drugmaker said in a statement Tuesday. The tests included all 37 mutations identified to-date in the spike protein.

China’s Policy Pivot Has Traders Wondering How Far It Will Go

As Chinese economic policy makers shift toward easing mode, the question on traders’ minds is how far the government is prepared to go. Financial markets are showing some expectations of further easing after the People’s Bank of China said it will cut the amount of cash banks have to hold in reserve. Turnover has climbed to an 18-month high on a popular tool used by traders to finance their bond purchases, a sign of increasing leverage.