What investors are saying about the new virus variant

Register now for FREE unlimited access to reuters.com"This news is putting the handbrake on markets. This could be the moment that people look back on as derailing the economic recovery and rate rises. What we have is a big insertion of uncertainty rather than something material but markets don't like that.

"The very fact we don't know, is what's concerning the market. There is a huge range of outcomes that can happen. We could have serious lockdowns or we get no lockdowns and a booming economy.""A new Covid wave is leading investors to fly to safety, provoking yields to drop roughly 10 bps across the whole US yield curve. However, we expect the bond rally to be short-lived for several reasons. First, the market has learnt through earlier new strains that Covid is temporary.

"But investors are prone to shoot first and ask question later and not stand in the way of these sorts of position unwinds. The process may have a little further to run. Recall that seasonal trends for the U.S. dollar tend to turn more negative in December; market volatility might be the sort of cover markets need to lighten up on positioning now and reassess prospects in January.

"If the COVID situation worsens, then dollar-yen could go down further, but otherwise the monetary policy divergence is definitely going to be weighing on the yen in the medium term.""Keep an eye on the new COVID-19 variant. None of us are virologists, but all of us have seen the impact this has had on the intended path of central bank policy and markets.

"The one bull in the China shop that could truly derail the global recovery has always been a new strain of COVID-19 that swept the world and caused the reimposition of mass social retractions. All we know so far is the B.1.1.529 is heavily mutated, but markets are taking no chances.

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