SINGAPORE - Two weeks ago, I mused that volatility is imminent as the market reacts to the sum of all fears: a new Covid-19 variant, aggressive taperings by central banks and rising inflationary pressures.
First, the variant. Although early indications are that Omicron might be milder in its effect, if its virulence weighs down already over-stretched healthcare systems, it could prompt authorities to reinstate some restrictions that could stifle the economy and businesses.
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