Concern over Omicron mutation subsides, rekindled to be precise

The reassuring statements of the scientists about the Omicron mutation resulted in a small party being set up in the international markets. At the same time, however, concerns about her are returning accuracy and the course of international prices, both of fuel and of electricity.

In fact, the situation is exacerbated by the fact that in northern Europe the cold started with very low temperatures, resulting in increased demand for electricity, which resulted in prices rising again.

In Greece for the time being they are following the developments and the government states ready to intervene if necessary. There is currently moderate optimism that we have seen the worst as far as the pandemic part is concerned and that the Christmas market will work smoothly, always of course with the health restrictions that already apply.

Of course, if this happens, which everyone wishes, it will mean that the turnover that will take place will stimulate the economy and employment, while it will also give a breath to the state revenues.

Yesterday in the international markets, the climate was very optimistic. As a result, the Dow Jones industrial average rose 1.87% or 647 points to close at 35,227, the S&P 500 rose 1.18% to 4,591 points and the Nasdaq moved 0.93% higher to 15,225 points.

On the pandemic front, the “Omicron” mutation has appeared in at least 15 US states. However, White House Chief Medical Officer Anthony Fauci said the first figures for Omicron were encouraging, contrary to the World Health Organization’s assessment of a “worrying” mutation.

“Comments from central bankers indicate that the Fed may double its cuts in monthly bond purchases to $ 30 billion at its next meeting of officials,” CNBC reported. In addition, the first discussions on when and how much the interest rates will increase next year could start from the December meeting “, it is noted in the publication.

At the same time, analysts are reassuring about the disappointing November employment data released on Friday, with Jeffrey Bunchbinder of LPL Financial pointing out that “jobs fell before we even knew the name of the new mutation. “And the micron may hold back new hires, but we remain optimistic about the job market in 2022.”

Oil prices also rose sharply. US crude jumped 4.9% to $ 69.49, Brent rose $ 73.63 a barrel and gold fell 0.2% to $ 1,779 an ounce.

In the bond market, the 10-year yield moved seven basis points higher to 1.42% and in the foreign exchange market, the dollar strengthened 0.3% against the euro to $ 1.1281.

Jump in electricity prices

At the same time, it has been observed since yesterday big rise in electricity prices in all European countries, at a time when temperatures are falling below average and demand is increasing.

Which means that increased demand is increasingly dependent on expensive fossil fuel units. In fact, according to Bloomberg, in northern Sweden temperatures dropped to -40 degrees Celsius and prices in the Scandinavian peninsula reached 226.54 euros per megawatt hour which is the second highest point of all time for these areas.

Prices in Europe

And it is not Scandinavia that the megawatt hour has indulged in a crazy rally. In Poland prices jumped to 240.59 euros / megawatt hour which is the highest point since the start of the daily auction for this market on the Nord Pool energy exchange, in February this year.

And the prices at Germany climb to the heights (265.39 euros / megawatt hour) but also in France the megawatt hour has arrived 282.5 euros. THE Spain is in 209,78, the Portugal στα 212,24, the Italy στα 269,73, the Hellas στα 216,18, the Austria στα 272,44 etc.

The article Concern over Omicron mutation subsides, rekindled to be precise published in NewsIT .

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