Global Markets Weekly
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Charles-Henry Monchau Chief Investment officer

Shares tumbled on Wall Street on Friday as they reopened after Thanksgiving, while European stocks saw their biggest sell-off in 17 months and oil prices plunged by $10 per barrel as fears over a new coronavirus variant sent investors sheltering into safe-haven assets. The WHO on Friday designated a new COVID-19 variant detected in South Africa with a large number of mutations as being "of concern". The S&P 500 lost 2.27%, its worst one-day drop since Feb. 25, and the Nasdaq Composite dropped 2.23%, the biggest one-day route in two months. Value stocks held up better than growth companies despite Friday’s selling pressure on stocks related to leisure and travel. Over the week, the S&P 500 declined by 2.2%.

Bond Yields decreased on Friday: the US 10-year yield saw its largest one-day decline (16 basis points) since the day after the 2020 election.
Meanwhile, the Japanese yen skidded to a three-year low on Friday. The Turkish Lira collapsed and broke the 12 key level. Bitcoin enters bear market correction territory as cryptocurrencies sold off alongside other risky assets.