I don’t think omicron is a concern for the markets except in China.
That’s the one place where they will put in severe lockdowns. Many of the new cases today are likely in Xian, where the city of 13 million is completely locked down. In a sign that China has no intention of easing away from the zero-covid policy, police in the city said they had punished six people for violating
epidemic control rules with penalties that range from a verbal warning
to detention and criminal charges.
Today there were 140 new cases in China, which is just shy of the August peak of 143. Of those, 87 were locally acquired.
If we start to see more-widespread lockdowns in China it could break the global supply chain.