1. Omicrom to impact our market today

The Omicron variant has already caused stock markets to sell-off and the local market is tipped to suffer heavy losses today. The futures market is predicting that our stock market index, the S&P/ASX 200, will be down over 100 points, with travel-related companies and those threatened by any new lockdowns or restrictions the stocks that will cop it the most. The fear of a back-to-the-future lockdown land will hit and hurt stocks until there is clarity about just how threatening Omicron will be.

2. Shop early for Christmas

Even before the threat of the Omicron variant, leading retailers are warning about supply problems, with fashion retailers worried about stock levels for Christmas. ‘Shop early and often’ might be a good tip for Christmas gift buyers, with David Jones, the nation’s second-biggest department store, and the retailers in its stable – Country Road and Witchery – already facing shipping delays from China of up to a month, threatening stocks for Christmas. The Australian says this “is the latest in a string of warnings from Australian companies about supply chain issues in the lead up to the holiday period”.

3. Black Friday tops Boxing Day sales in Australia

And while on the topic of shopping, last week’s Black Friday sales for the first time ever has topped Boxing Day as our biggest shopping day event. Up-to-date data from buy now pay later business Zip Pay showed a 52% jump in spending on its platform of 2.9 million users compared to the previous four weeks. And the National Retailers Association is predicting the Black Friday sales, which are actually spread across four days, will generate $5.6bn in retail sales, an 8% rise on last year.

4. Taiwan Sees Biggest Flyby of Chinese Warplanes Since October

China has sent the biggest number of warplanes close to Taiwan since October on Sunday after a US lawmaker defied a Chinese demand that she abandon a trip to the island. 27 Chinese aircraft, including eight J-16 fighter jets, entered Taiwan’s southwest Air Defense Identification Zone, according to a statement from the Ministry of National Defense. 

5. ASX to tumble as Omicron arrives in Australia
Despite the threat of the new Omicron coronavirus variant which has made its way into Australian shores, Prime Minister Scott Morrison has called for calm throughout the nation, all the while conceding the emergence of the new strain was a concern. “This is not like it was back in February and March of 2020. We now have good knowledge. Good advice. The uncertainties are not like they used to be,” he said. The PM is a proponent of the new 72-hour lockdown rules for international travellers arriving into NSW, Victoria and the ACT and he also flagged that the government is prepared to take further action based on medical advice.

The AUD fell 0.9% to 71.23 US cents. On Wall St: Dow -2.5%, S&P 500 -2.3%, and the Nasdaq -2.2%. In Europe: Stoxx 50 -4.7%, FTSE -3.6%, CAC -4.8%, and the DAX -4.2%.