SYDNEY : Stocks fell and headed for their largest weekly drop in nearly two months on Friday, while safe haven assets such as bonds and the yen rallied as a new virus variant added to swirling concerns about future growth and higher U.S. interest rates.
South Africa's rand fell 1per cent in early trade, as did U.S. crude futures. S&P 500 futures fell 0.4per cent, while the risk-sensitive Australian and New Zealand dollars dropped to three-month lows. Little is known about the new variant. However scientists told reporters it has"very unusual constellation" of mutations, concerning because they could help it evade the body's immune response and make it more transmissible.
Moves in Treasuries were sharp at the open in Tokyo - following the Thanksgiving holiday - as yields quickly pulled back some of the week's gains. Benchmark 10-year yields fell 5 basis points to 1.5927per cent.
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