The MSCI Asia-Pacific index has slipped 1.8%, and the commodities complex is bleeding, with oil down over 2% on both sides of the Atlantic.
The classic risk-off action comes in the wake of reports of a new coronavirus variant detected in Botswana, South Africa, and Hong Kong, which may be vaccine-resistant.
Lockdowns, if any, would perhaps worsen supply chain disruptions, pushing inflation higher – a positive for bitcoin, given it is widely perceived as a store of value asset.
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