Japan export gains widen in November before Omicron emergence
TOKYO (BLOOMBERG) - Gains in Japan's exports widened in November for the first time since May in a sign global trade was regaining traction before the Omicron variant of the coronavirus began to spread. The value of Japan's overseas shipments rose 20.5 per cent from a year earlier, up from an increase of 9.4 per cent in October, the finance ministry reported on Thursday (Dec 16). Economists had expected a gain of 21 per cent. On a seasonally adjusted basis, exports advanced 5.3 per cent from the previous month. Improved Japanese trade adds to signs the global economy was on a solid footing even as supply chain snarls persisted. At home, higher vaccination rates and falling infection cases have allowed the government to lift virus emergency measures, helping restaurants and other services get back on track. But the spread of the Omicron variant in late November now clouds the outlook to some extent, as countries limit access to travelers and weigh whether to reinstate domestic restrictions. Supply constrains also continue to affect manufacturers, with Toyota Motor cutting production again this month due to part shortages.
Wall Street closes up as easing in virus fears aids rebound
NEW YORK (REUTERS) - Wall Street's major averages closed higher on Monday (Dec 6) with economically sensitive sectors and travel-related stocks soaring as investors were encouraged by some optimistic comments from a top US official on the latest Covid-19 variant. Of Wall Street's three major averages, the Dow rose the most while energy and industrials were among the S&P's strongest sectors. But declines in Covid-19 vaccine companies diminished gains in the healthcare sector. While the Omicron Covid-19 variant has caused alarm and some new restrictions around the world, investors appeared to be reassured by Dr. Anthony Fauci, the top US infectious disease official, who told CNN that "thus far it does not look like there's a great degree of severity to it." However, he did say that more study is needed. "People are less worried about the variant," said King Lip, chief investment strategist at Baker Avenue Asset Management in San Francisco. Lip also cited a boost from news that China's central bank would cut the amount of cash that banks must hold in reserve, potentially boosting overseas companies that sell products in China as well as China's economy. According to preliminary data, ...
Investing in a time of pandemic – don’t panic and sell at the bottom
SINGAPORE - News of the Omicron variant is disrupting more than plans for that long-awaited vacation. As countries around the world shut borders, limit travel and halt reopening plans, financial markets have swooned: the S&P 500 is down 4 per cent since the variant of the coronavirus first made headlines, and Brent oil has tumbled 18 per cent from its November high. Please subscribe or log in to continue reading the full article. Get unlimited access to all stories at $0.99/month Latest headlines and exclusive stories In-depth analyses and award-winning multimedia content Get access to all with our no-contract promotional package at only $0.99/month for the first 3 months* Subscribe now *Terms and conditions apply.
S’pore-made Acumen Diagnostics’ PCR kits able to detect both Omicron, Delta variants
SINGAPORE - The battle to fend off the new Omicron coronavirus variant has got a boost from polymerase chain reaction (PCR) test kits developed by home-grown medical technology firm Acumen Diagnostics. Its two PCR test kits - Acu-Corona 2.0 and Acu-Corona Duplex - which can detect the Delta variant, can now also identify the Omicron strain. These kits are already in use. It was reported on Thursday (Dec 2) that two imported Covid-19 cases have preliminarily tested positive for the Omicron variant in Singapore. The Acu-Corona 2.0 test targets two Covid-19 genes - RdRp and E - that are present in both the Omicron and Delta variants. Meanwhile, the Acu-Corona Duplex test targets the E gene and S gene. The portion of the S gene targeted by the test does not contain any of the 32 mutations that occurred in the Omicron variant, hence it can detect the variant without any loss of sensitivity. Omicron has a large number of gene mutations that have not been reported in a single viral variant before. So far, scientists have seen 32 mutations out of 5,000 genes on the spike protein, and this gives them reason to believe that Omicron may have fairly different characteristics from previous vari...
Wall St turns red as Omicron reaches the US
NEW YORK (REUTERS) - Wall Street's major averages fell more than 1 per cent on Wednesday (Dec 1) after a morning rally faded as investor angst about the latest coronavirus variant soared with the first case confirmation in the United States while the market also digested the US Federal Reserve's comments on inflation. After having advanced as much as 1.9 per cent by late morning, the S&P 500 gave up all its gains in the afternoon along with the Dow and Nasdaq, which fell the most on the day. All three indexes breached key technical levels during the session. Late in the day, the US Centres for Disease Control said the country had detected its first case of the Omicron variant, which had infected a person who came from South Africa. Earlier on Wednesday, Fed chair Jerome Powell said policymakers needed to be ready to respond to the possibility inflation may not recede in the second half of next year as expected. Wall Street had already tumbled on Tuesday after Mr Powell had surprised the market by signalling that the central bank would consider accelerating the withdrawal of its bond buying programme at its meeting this month amid a surge in inflation. Independent Advisor Alliance c...
Stock markets to be volatile until clarity on Omicron emerges; gold to benefit
SINGAPORE - Markets are expected to be volatile as experts gauge the impact of the Omicron virus variant in terms of transmissibility, severity and vaccine efficacy in the coming weeks. "We will only get better clarity in a few weeks' time when the World Health Organisation, scientists and vaccine makers delve deeper into the latest variant to assess how infectious and lethal it is," Mr Vasu Menon, executive director of investment strategy at OCBC Bank, told The Straits Times. Please subscribe or log in to continue reading the full article. Get unlimited access to all stories at $0.99/month Latest headlines and exclusive stories In-depth analyses and award-winning multimedia content Get access to all with our no-contract promotional package at only $0.99/month for the first 3 months* Subscribe now *Terms and conditions apply.
Do Covid-19 vaccines work against Omicron? 5 things to know about the new variant
SINGAPORE - Now that Singapore has made "good progress" in living with the Delta variant, the new Omicron variant, being an "unknown enemy", is throwing a spanner in the works, said Health Minister Ong Ye Kung on Tuesday (Nov 30). Speaking at a press conference by the multi-ministry task force tackling Covid-19, Mr Ong highlighted five things we would need to know about the Omicron variant. 1. Will Omicron emerge as a new dominant variant? Singapore would need to find out if the Omicron variant will dominate the other types of variants, just like how the Delta variant had done so previously. Mr Ong noted that in South Africa, the Delta variant had been on the wane with fairly few cases before the Omicron virus have emerged. Noting that instances of two variants dominating at the same time are rare , he said: "Where in the world have we noticed a clash between the two variants?" 2. What kind of time frame are we looking at for Omicron to become dominant? Drawing reference from the Delta variant, it took around three to four months to becoming the predominant variant around the world. "So if Omicron is very infectious, it may be faster than three to four months," said Mr Ong. However...
Those suspected of having Omicron Covid-19 variant to be sent to NCID, no home recovery allowed
SINGAPORE - People suspected of having the new Omicron coronavirus variant will be isolated at the National Centre for Infectious Diseases until doctors are confident they are no longer infectious through repeat testing. They will not be allowed to recover at home, said Health Minister Ong Ye Kung on Tuesday (Nov 30). Full contact tracing will also be carried out for confirmed cases, with patients' close contacts to be quarantined for 10 days at dedicated facilities instead of being able to isolate themselves at home. Polymerase chain reaction (PCR) tests will be conducted at the start and end of the quarantine period for such individuals, with swab samples prioritised for genetic sequencing to ascertain if they have the Omicron variant. "The healthcare protocols will be a lot stricter and quite similar to the initial protocols we implemented when we first encountered Covid-19," Mr Ong said at a press conference. The new variant, first detected in South Africa, has been classified as a variant of concern by the World Health Organisation. A variant of concern is one that shows evidence of higher transmissibility and virulence, leading to more severe disease that requires hospitalisa...
Singapore tightens border measures, halts further easing of social measures over Omicron variant fears
SINGAPORE - The relaxation of social measures will be paused, and travellers entering Singapore will face stricter rules from 11.59pm on Thursday (Dec 2), as the country acts to buy time amid the spread of the new Omicron variant around the world. New travel arrangements with six countries will also be postponed. The Ministry of Health (MOH) said on Tuesday (Nov 30) that while no cases of Omicron, found in South Africa last week, have been detected locally, the per-emptive measures are needed for Singapore to assess the implications of the new variant. They will also help to reduce the risk of important of the virus. From 11.59pm on Thursday, air travellers arriving on the quarantine-free Vaccinated Travel Lane (VTL) scheme will have to undergo supervised, self-administered antigen rapid tests at a Quick Test Centre on Days 3 and 7 of their arrival. Currently, these travellers only have to take a Covid-19 swab test prior to their departure for Singapore, and after arrival here. Second, all air travellers entering, transferring or transiting through Singapore must have tested negative in a pre-departure test within two days of leaving for Singapore. Currently, travellers from Hong K...
Omicron poses risks to global economic growth, inflation: Rating agencies
LONDON (REUTERS, BLOOMBERG) - The Omicron Covid-19 variant could hurt global growth prospects while also pushing prices higher, rating agencies Fitch Ratings and Moody's Investors Service said, after the World Health Organization said the variant carried a very high risk of infection surges. "The Omicron variant poses risks to global growth and inflation, especially as it comes during a period of already stretched supply chains, elevated inflation and labour market shortages," Elena Duggar, associate managing director at Moody's, told Reuters in emailed comments. The variant is also likely to hit demand during the upcoming holiday travel and spending season, according to Ms Duggar. "If the new variant affects global market risk appetite, it would cause further financial stress for debt issuers with large financing needs. For example, emerging market countries that rely on international market borrowing may face heightened refinancing risks", she said. Fitch Ratings said separately that it was too soon to incorporate the effects of the Omicron variant into its economic growth forecasts until more is known about its transmissibility and severity. "We currently believe that another la...
US equity futures, crude oil up as markets weigh Omnicron
SYDNEY - US equity futures and crude oil rose Monday (Nov 29) as traders weighed the possible impact of the omicron coronavirus strain on global economic reopening. S&P 500 and Nasdaq 100 contracts were in the green and oil jumped back above US$70 a barrel after Friday's dramatic plunge. Equity contracts for Japan pointed lower, while Australian shares fell. The S&P 500 last week had its worst post-Thanksgiving performance since 1941 and the yield on 10-year Treasuries slid the most since March 2020. The yen weakened and a dollar gauge was steady. The currency of South Africa, where the variant was identified, rose as much as 0.9 per cent against the greenback. Bonds in Australia and New Zealand climbed. Two South African health experts - including the doctor who first sounded the alarm about omicron - suggested the variant is presenting with mild symptoms so far. The World Health Organization urged caution, saying it will take time to assess the strain. Traders last week pushed back the expected timing of a first 25-basis-point rate increase by the Federal Reserve to July from June. Fed Bank of Atlanta President Raphael Bostic played down economic risks from a new variant, saying ...
S’pore tightens border measures for travellers from 7 African countries; no cases of new Covid-19 variant here
SINGAPORE - New restrictions have been placed on travellers from several African countries by the Ministry of Health (MOH) amid reports of a potentially more contagious variant of the Covid-19 virus circulating in the region. The MOH said on Friday (Nov 26) that all travellers with recent travel history to Botswana, Eswatini, Lesotho, Mozambique, Namibia, South Africa and Zimbabwe will from 11.59pm on Saturday (Nov 27) no longer be allowed to enter into or transit through Singapore. This will apply to those who have obtained prior approval for entry into Singapore as long as they have been in those countries in the last 14 days. Returning Singapore citizens and permanent residents will be subjected to a 10-day stay-home notice at dedicated facilities. MOH said the new B.1.1.529 variant may be circulating in these seven countries, and scientists around the world are still finding out more about it. Singapore currently has no cases of this variant, it added. The latest moves are a change from current rules, where anyone who has been to Botswana, Eswatini, Lesotho, Mozambique, Namibia, and Zimbabwe are required to serve a 10-day stay home notice at dedicated stay-home notice facilitie...
What do we know about the new Covid-19 variant from South Africa with ‘unusual’ mutations?
SINGAPORE - A new, heavily-mutated variant of Covid-19 has been detected in South Africa, with concerns raised over the variant's transmissibility and ability to evade vaccines. The Straits Times sets out what is known so far. Q: What do we know about the newest B11529 variant? A: It was first detected in South Africa and is concerning because it has a large number of mutations, which can impact how the virus behaves. Early signs suggest that the variant has rapidly increased in Gauteng - the country's most populated province with around 15 million people - and may already be present in South Africa's other eight provinces. The country's National Institute for Communicable Diseases said on Thursday (Nov 25) that it had detected 22 confirmed cases of the variant, with more suspected cases still being sequenced. Scientists estimate that the variant could account for 90 per cent of the Covid-19 cases in Gauteng. South Africa saw a total of 2,465 cases on Thursday. Cases have been detected in neighbouring Botswana and as far away as Hong Kong, where a 36-year-old man, who had flown from South Africa on Nov 11, tested positive for the virus two days later while still in quarantine. He s...
S’pore cannot rely solely on vaccines to fight Covid-19 Delta variant, says NCID director
SINGAPORE - When it comes to the Delta variant of Covid-19, one thing has become clear: Vaccination is not enough. This means Singapore cannot let up in its fight against the disease, said Professor Leo Yee Sin, executive director of the National Centre for Infectious Diseases (NCID). "If I did 100 per cent in 2020, this year I have to do 200 per cent - because that is what the Delta variant demands of us," she told The Straits Times in an interview to commemorate the centre's second year of operations. "We cannot solely rely on vaccines." In other words: Keep your mask on, hands clean and guard up, even if you have been vaccinated against Covid-19. Three characteristics make the Delta variant - which accounts for 99.6 per cent of the 1,100 community cases the NCID has treated this year - more contagious than its wild-type predecessor, Prof Leo said. First, infected people emit larger quantities of the virus. International studies have shown that the Delta strain can better attach to a person's upper respiratory tract, making it more easily transmitted to others. And it has a reduced incubation period of three to five days, meaning it can be passed to others more quickly. If the ou...
Wall Street ends sharply lower as Delta variant sparks new lockdown fears
NEW YORK (REUTERS) - A surge in Delta variant infections sparked a broad sell-off on Wall Street on Monday (July 19) as investors feared renewed Covid-19 shutdowns and a protracted economic recovery. All three major US stock indexes ended the session sharply lower, with the S&P and the Nasdaq suffering their largest one-day percentage drop since mid-May. The blue-chip Dow had its worst day in nearly nine months. The risk-off sentiment also sent US 10-year Treasury yields sliding, pulling rate sensitive banks stock prices with them. The S&P 500 Banks index dropped 3.3 per cent. "Much of it is related to the Delta (variant)," said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. "There's some concern too that maybe the economy is not going to open up as quickly as everyone thinks, and the big boom that everyone's expecting is going to be more of a pop than a boom." The highly contagious Covid-19 Delta variant, now the dominant strain across the globe, has caused a surge in new infections and deaths, nearly exclusively among unvaccinated people. "Global availability of the vaccine has been an issue from day one." Nolte said. "That's been out there for a long tim...
550 out of about 62,000 Covid-19 cases in Singapore infected with Delta variant
SINGAPORE - Of the roughly 62,000 Covid-19 cases recorded in Singapore as at end-May, 550 had been infected with the Delta variant of the coronavirus first detected in India. This figure includes 428 local and 122 imported cases, the Ministry of Health (MOH) told The Straits Times on Tuesday (June 8). "Variants are detected through viral genomic sequencing, and in Singapore, the National Public Health Laboratory performs sequencing for all confirmed Covid-19 cases," said an MOH spokesman. "This is unlike some countries who typically sequence a smaller proportion of their confirmed cases." The ministry was responding to queries from ST on the proportion of Covid-19 cases in Singapore infected with the Delta variant. According to data on global database GISAID that ST accessed on Wednesday, 20 people in Singapore were infected with the Delta variant in the past four weeks. GISAID is an online platform where research groups from all over the world can upload genetic sequences of the virus that causes Covid-19. The 20 cases account for about 87 per cent of the Covid-19 cases from Singapore reported on that platform over the same period. Given that variants of concern are thought to be ...
MFA meets India High Commissioner to express concerns over Delhi minister’s claims of Singapore virus strain
SINGAPORE - Singapore's Ministry of Foreign Affairs (MFA) on Wednesday (May 19) said it was "disappointed" that a prominent Indian political figure like Delhi Chief Minister Arvind Kejriwal had failed to ascertain facts before making claims about a "new strain" of Covid-19 found in Singapore. In a statement, the ministry said it "regrets the unfounded assertions" made on Facebook and Twitter by Mr Kejriwal, who claimed on Tuesday that a "Singapore variant" was particularly harmful to children and could cause a third wave of infections in India. "MFA met the High Commissioner of India P Kumaran this morning to express these concerns," said a spokesman. Foreign Minister Vivian Balakrishnan quoted Mr Kejriwal's original post in a tweet and said: "Politicians should stick to facts! There is no 'Singapore variant'." Dr Balakrishnan also included a link to a May 11 article in established science journal Nature, which explained how virus variants like B1617 have been dominant in India before spreading to about 40 nations, including Singapore. Indian foreign minister Subrahmanyam Jaishankar tagged Dr Balakrishnan in a tweet that sought to clarify that Mr Kejriwal "does not speak for India"...
Morning Briefing: Top stories from The Straits Times on Dec 26
Good morning! Here are our top stories to kick-start your Saturday, Dec 26. S'pore PR tests positive for Covid-19 after completing SHN served partly at Mandarin Orchard The 47-year-old man was one of the 14 new Covid-19 cases announced by MOH on Friday. READ MORE HERE 2 S'poreans sentenced to death in China for drug trafficking; MFA has provided consular assistance Singapore's MFA said that the consulate-general provided regular assistance to Siti Aslina Junaidi and Mohd Yusri Mohd Yussof. READ MORE HERE Yoozoo Games CEO Lin Qi dies at 39 amid poisoning probe A 39-year-old male colleague surnamed Xu has been detained. READ MORE HERE More on this topic Related Story ST newsletters: Get alerts on the latest news 24 suspected secret society members nabbed in lead-up to Christmas They were arrested at various "congregation hot spots" and shopping malls. READ MORE HERE South Africa rejects claim its Covid-19 variant more dangerous than UK strain Britain said that the variant there was highly concerning, because it is "more transmissible". READ MORE HERE Hong Kong extends Covid-19 quarantine for visitors to 21 days The latest moves mark stepped-up efforts to prevent a new variant of the ...
Wall Street ends mostly lower despite new stimulus plan
NEW YORK (AFP) - Worrisome US economic data and concerns over a new coronavirus variant in Britain hit Wall Street and led US equities to close mostly lower on Tuesday (Dec 22). The retreat came amid choppy trading in a holiday-shortened week and despite the overwhelming approval in Congress of a new US$900 billion (S$1.2 billion) relief package that includes another round of direct stimulus cheques, extra unemployment benefits and airline worker payment support. But the spike in US Covid-19 infections in recent weeks undermined consumer confidence, which fell for the second straight month, while existing home sales fell for the first time in six months. And investors also focused on Britain, where a fast-spreading new strain of Covid-19 has prompted some 40 countries to ban travel to Britain. The benchmark Dow Jones Industrial Average lost 0.7 per cent to finish at 30,015.51, while the broad-based S&P 500 slipped 0.2 per cent to 3,687.26. However, the tech-rich Nasdaq Composite Index bucked the trend, gaining 0.5 per cent to end at 12,807.92, a new record. "Worry over the impacts of the virus and the subsequent new restrictions are tamping down some of the early enthusiasm that ca...