Olympics: the clock is ticking

News of the day, Tuesday, 25 January

Foreign enterprises operating in China became very vulnerable with the new Omicron variant spread. China’s strict localized lockdown strategy has been showing a delightful performance so far, but that was an “old” COVID-19 case. The contagious Omicron might cause more lockdowns. Surely, they will not be as local and rare as before. The International Monetary Fund has called on China to update its zero-COVID strategy of isolating entire cities – practiced further, it will affect the supply chain worldwide. Furthermore, the Olympic Games start next week which will increase Omicron spread and cause even more lockdowns.

While the world counts the seconds until the start of the Olympics, Swatch group has returned to profit. Swiss watchmaker gained 2.9% in pre-market activity, giving hope of a positive trend in the near future. In 2021 Swatch has rebounded with an $845 million net profit after a $53 million loss in 2020.

The price of Brent crude is $86.10, WTI — $83.90, GBP/USD — 1.3491, EUR/USD — 1.1306, and gold costs $1840.90 per ounce.

Author: GC
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