Global stocks tumble, havens rally on fears over new Covid-19 variant; STI falls 1.7%

global stocks tumble havens rally on fears over new covid 19 variant sti falls 1 7

Sumary of Global stocks tumble, havens rally on fears over new Covid-19 variant; STI falls 1.7%:

  • Futures for the Dow Jones Industrial Average plunged more than 800 points, or 2.4 per cent, as US markets were set to return after the Thanksgiving holiday on Thursday.
  • Ten-year Treasury yields shed 11 basis points while the Japanese yen jumped the most since its March 2020 rush for safety.
  • Singapore’s Straits Times Index closed down 1.72 per cent, with all 30 constituent stocks in the benchmark index seeing red.
  • Decliners outnumbered advancers 406 to 139 in the wider Singapore market, with nearly two billion shares worth $1.8 billion changing hands.
  • The worst performers were Genting Singapore and Singapore Airlines (SIA), which could suffer the brunt of further lockdowns.
  • Travel stocks, in fact, were among the worst hit globally as the European Union, Britain, Israel and Singapore placed emergency curbs on passengers from South Africa and the surrounding region.
  • Top Glove Corp, the world’s largest maker of disposable rubber gloves, jumped 17.3 per cent in Malaysia and 15.2 per cent in Singapore.
  • Bank of Singapore currency analyst Sim Moh Siong said: “We still don’t know how infectious the virus is.

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