All You Need To Know Going Into Trade On December 2

Asian stocks fell Thursday after a sharp reversal in U.S. shares on concerns about risks from the omicron virus strain. Stocks fell in Japan, South Korea and Australia, while U.S. contracts rose.

The S&P 500 had its worst two-day selloff since October 2020 after erasing a near-2% rally to slide into the close. The tech-heavy Nasdaq 100 underperformed.

Markets were jolted by the first confirmed U.S. case of the new variant. At the same time, Federal Reserve Chair Powell reiterated that officials should consider a faster reduction of monetary stimulus amid elevated inflation.

The Singapore-traded SGX Nifty, an early indicator of India’s Nifty 50 Index’s performance, shed 0.85% at 17,098 as of 7:15 a.m.

Treasuries pared a rally that earlier took the 30-year yield to its lowest level since January. The dollar held a gain. In China, Beijing’s plan to close a loophole used by tech firms to list abroad threatens to sap sentiment.

Crude oil advanced as traders await an OPEC+ meeting that will discuss output. Elsewhere, gold was steady and Bitcoin traded at about $57,000.