Highlights:

• Omicron is unsettling markets – and uncertainty will remain high until the variant’s impact on Covid hospitalisations and deaths
  becomes clearer.
• May central banks delay the policy normalisation? Don’t expect too much help: amid a deteriorating growth-inflation mix and persistent global supply bottlenecks, policy makers are running short of silver bullets.
• We favour a very prudent tactical stance amid high near-term uncertainty. But with the earnings consensus looking reasonable and valuations supported by rockbottom real yields, the recent correction may ultimately render opportunities for reloading risk assets as Omicron fears recede.

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