U.S. Markets Continue to Fall; Volumes Seen Low

All major sectoral indices in the U.S. market fell, with lower volumes ahead of the Christmas holidays. Travel linked stocks including airlines, cruise operators and hotels fell sharply. Moderna moved up as the company said the third dose of its Covid-19 vaccine increased antibody levels against the Omicron variant. The dollar weakened.

  • Stoxx Europe is down by 1.55%
  • Dow Jones is down by 1.68%
  • NASDAQ is down by 1.17%

Moderna Third Dose Boosts Antibodies Against Omicron

A third dose of Moderna’s Covid-19 vaccine is said to increase antibody levels against the Omicron variant. A 50mg booster dose saw a 37-fold increase in boosting antibodies, the company said in a statement Monday. In India, there have been no deaths reported yet due to the Covid-19 Omicron variant.

U.S. Home Sales To Increase 7.1% In 2021

The government-sponsored enterprise’s Economic and Strategic Research Group on Monday raised its 2021 U.S home sales growth expectation to 7.1% from the previous 5.3%. It expects a strong year-end surge in home buying, but it will still be just under a 7.3% increase in 2020. However, home sales are expected to fall 1.4% in 2022 and 3.8% in 2023 due to limited listings and other factors. 

Lira Falls To Record Low Of 20 Vs Euro

Turkish currency lira crashed to record lows on Monday against the euro, touching 20 levels to the euro for the first time. On Sunday President Tayyip Erdogan said, “We’re lowering interest rates. Don’t expect anything else from me”. These words were the fuel for Monday’s fall. Lira has fallen 35% in the last 30 days. The currency hit an all-time low level of 20.5080 against the euro on Monday. Last week, the Turkish central bank cut interest rates by 100 points.

Turkey Stock Trading Halted Again As Circuit Breaker Triggers

Turkish market index triggered circuit breakers and trade was halted again on Monday, following Friday’s sharp sell-off. This is the second trading day in a row that Turkish equities trading is halted due to rapid losses. The Turkish benchmark index BIST 100 fell as much as 9.1% on Friday. The lira currency’s 58% decline this year fueled by the 500 basis points rate cuts from the central bank was one of the major reasons.  The currency continued to fall after Turkish President Recep Tayyip Erdogan said to continue cutting interest rates.

Singaporean Faces More Charges in Alleged $1.1 Billion Scam

A Singaporean businessman accused of masterminding a massive nickel trading scam was handed additional criminal charges tied to about $124 million in cash and assets ranging from luxury cars to jewellery and artwork. The additions brought the total number of accusations against Ng Yu Zhi to 75, according to charge sheets seen by Bloomberg News after a Singapore State Courts hearing Monday. The offences allegedly took place between 2020 and February 2021, the documents show.