Asian markets bounce back from global omicron selloffs

BANGKOK — Asian shares were mostly higher on Tuesday after a worldwide slump for financial markets spurred by worries about how badly the omicron variant, inflation and other forces will hit the world economy.

Much of the concern over the outlook has been driven by the omicron variant of coronavirus. Cases have skyrocketed in Europe and in the U.S., federal health officials have announced it accounted for 73% of new infections last week, a nearly six-fold increase in only seven days. Shares fell around the world on Monday. Stocks of oil producers helped lead the way lower after the price of U.S. crude fell 3.7% on concerns the newest coronanvirus variant could lead factories, airplanes and drivers to burn less fuel.

Omicron may be the scariest force hitting markets, but it’s not the only one. A proposed $2 trillion spending program by the U.S. government took a potential death blow over the weekend when an influential senator said he could not support it. Markets are also still absorbing last week’s momentous move by the Federal Reserve to more quickly remove the aid it’s throwing at the economy, because of rising inflation.

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