Thursday 2nd December 2021
Markets were choppy again overnight, but there is renewed hope with circumstantial evidence that the Omicron variant might be less severe. A WHO press conference suggested that existing vaccines will be enough to prevent many severe cases, but we’ll still have to wait for the final verdict. NAB’s David de Garis says that was enough for the focus to shift a little to positive data reads out of the US, including a 534k rise in the ADP payrolls number and an ISM manufacturing at 61.1 for November. Australia’s better than expected Q3 GDP number has done little to help the Aussie dollar – Dave suggests it has followed the fortunes of the S&P500. Today, the focus will stay with news around the virus and its impact on lockdowns and other contingency measures.