SHANGHAI, Nov 29 (SMM) — This is a roundup of global macroeconomic news last night and what is expected today.

The Japanese yen and the Swiss franc surged on Friday, while the Australian dollar and the Norwegian crown slumped, as investors fled for shelter following the discovery of a new coronavirus variant that could resist current vaccines.

Closed U.S. markets for Thanksgiving holidays meant market moves were more volatile in thin trading as traders rushed to dump long positions in the euro and the U. S. dollar.

Stock futures moved higher in overnight trading Sunday following Friday’s big sell-off as investors monitor the latest developments related to the Covid omicron variant.

Futures on the Dow Jones Industrial Average gained about 165 points, or 0.5%. S&P 500 futures added 0.7% and Nasdaq 100 futures rose 0.8%.

Oil posted its worst day of the year on Friday, tumbling to the lowest level in more than two months as the new Covid-19 strain sparked fears about a demand slowdown just as supply increases.

The leg lower came amid a broad sell-off in the market with the Dow dropping more than 900 points. The World Health Organization warned Thursday of a new Covid variant detected in South Africa. It could be more resistant to vaccines thanks to its mutations, although the WHO said further investigation is needed.

U.S. oil settled 13.06%, or $10.24, lower at $68.15 per barrel, falling below the key $70 level. It was the contract’s worst day since April 2020. WTI also closed below its 200-day moving average — a key technical indicator — for the first time since November 2020.

International benchmark Brent crude futures slid 11.55% to settle at $72.72 per barrel.

Gold gained on Friday as concerns about a hit to the global economic recovery, due to the spread of a new coronavirus variant identified in South Africa, drove investors to the safety of bullion.

Spot gold jumped 0.9% to $1,805.26 per ounce. U.S. gold futures advanced 1.2% to $1,805.20.

European stocks plummeted on Friday amid fears over a new highly mutated variant of Covid-19.

The pan-European Stoxx 600 closed down 3.7%, with travel and leisure stocks cratering 8.8% to lead losses as all sectors and major bourses slid sharply into negative territory. The benchmark saw its biggest percentage decline since June 2020, according to Reuters data.