The major European shares are ending higher on the day, and in the process snapping three day losing streaks (for most of the indices). The closes are showing:
- German DAX, +1.1%
- France’s CAC, +0.95%
- UK’s FTSE 100 +0.62%
- Spain’s Ibex, +0.56%
- FTSE MIB +0.66%
China has ordered the cancellation of more than two dozen scheduled flights from the United States in recent weeks.
- Due to ‘numerous passengers’ testing positive for COVID-19.
- China’s aviation regulator has mandated the cancellations of eight total scheduled U.S. passenger airline flights for Shanghai under its COVID-19 pandemic rules: four by United Airlines and two each from Delta Air Lines (DAL.N) and American Airlines.
HK airport will ban transit passengers from around 150 countries.
- suspension will start on January 15 and be throughout o February 14 (may be extended)
There are plenty of small restrictions all adding up to slow economic activity.
Info comes via a Bloomberg report (may be gated)
- Pfizer Inc. is developing a hybrid vaccine that combines its original shot with a formulation that shields against the highly transmissible omicron variant
- While research continues, Pfizer will evaluate the new hybrid formulation against an omicron-specific shot, and determine which is best suited to move forward by March
See the Bloomberg link above for more detail
Fed Chair Jay Powell is set to appear before the Senate for his confirmation hearing on Tuesday.
From his prepared remarks:
- economy expanding at its fastest pace in many years, labor market is strong – prepared remarks for reappointment confirmation hearing
- economy has rapidly gained strength despite ongoing pandemic, giving rise to elevated inflation
- strongly committed to achieving maximum employment, price stablity
- fed will use its tools to support economy, strong labor market, prevent inflation from becoming entrenched
- economy will be different following pandemic, fed must adapt to those changes
- I commit to meeting regularly with lawmakers
- committed to making decisions with objectivity, integrity, impartiality
Headlines via Reuters, for the full text:
- Testimony by Chair Powell at his nomination hearing
ps. Here is some correlation for those interested:
The last resignations of senior Fed officials, Eric Rosengren and Robert Kaplan, were announced on a Monday that coincided with a Powell hearing on a Tuesday. This time ’round its Clarida that’s got the chop:
- Fed’s Clarida is resigning two weeks early