World stock indices grow despite the Omicron disease rise

Tesla stock jumped more than 7% after CEO Elon Musk said he sold “enough stock” to meet his goal of selling 10% of his stake in the company.

Eleven associations of European energy-intensive industries (from cement to steel and from fertilizer to paper mills) issued a joint statement warning of “unbearably high energy prices” and production stoppages. The European energy crisis continues.

Germany and Israel are preparing to introduce the 4th dose of vaccination for the population. The World Health Organization does not recommend that all children and adolescents be vaccinated against coronavirus because there is little chance of severe disease in these age groups. This follows a statement about COVID-19 booster vaccinations on the organization’s website.

The US oil inventories decreased by 4.7 million barrels for the week. Analysts were expecting a decline of 2.8 million barrels. This is the second major decline. A supply shortage almost always pushes prices up.

The dollar index is declining amid Pfizer’s approval of a new COVID-19 drug. Investors are shifting their funds to riskier assets, which causes the stock market to rise and, consequently, the dollar index to fall. In turn, a decrease in the dollar index contributes to a decline in government bond yields and higher gold and silver prices.

On Friday, Japan’s government will present its annual budget with $943 billion in spending for the fiscal year beginning next April, further adding to its heaviest debt burden. Major budget spending will be on combating COVID-19, for social security to support the rapidly aging population and the largest military spending in Japanese history to deal with threats from China. Japan’s GDP will reach a record $4.9 trillion next year.

Singapore’s consumer price index increased to 3.8% (previous value 3.2%, forecast 3.4%). This is the highest inflation rate in the last 9 years.

Meanwhile, the Chinese city of Xi’an has tightened restrictions to curb the latest outbreak of the virus. Omicron has become the dominant strain of COVID-19 in Australia, and New South Wales has a record number of cases every day.