Global stocks rebound on hopes Omicron variant may not be as bad as feared

European and US equities rebounded on Monday on hopes that the Omicron coronaviruses variant might not be as damaging as initially feared, traders said.

Despite the reintroduction of tighter UK air travel restrictions due to Omicron, London's blue-chip FTSE 100 index rose 1.5 percent.

It has been a positive start to the week for the FTSE 100, and European markets as concerns over the Omicron variant continue to diminish on evidence of mild symptoms and so far no deaths because of the virus, according to CMC Markets analyst Michael Hewson.

Global stocks fell Friday on weak US payrolls data and heightened Covid concerns that continue to linger.

Asia faced a mixed performance on Monday, but was also roiled by struggling Chinese tech firms.

Richard Hunter, head of markets at Interactive Investor, said that markets are beset by uncertainty as the spread of the Omicron variant threatens to derail the general economic recovery.

The Omicron variant has been detected across the globe, but there has been no deaths yet, with authorities racing to determine how contagious it is and how effective existing vaccines are.

While more information is needed, preliminary data on the severity of the Omicron variant is a bit encouraging, according to top US pandemic advisor Anthony Fauci. Hong Kong stocks fell Monday as news that Chinese ride-hailing giant Didi Chuxing would start the process of delisting from the New York Stock Exchange sent shares in tech firms tumbling.

The move comes after a sweeping Chinese regulatory crackdown over the past year that has clipped the wings of major internet firms that have huge influence on consumers' lives - including Alibaba and Tencent.

The Hang Seng Tech index, which represents the 30 largest tech companies in the southern Chinese city, slumped sharply on Monday.

After Evergrande warned that there was no guarantee that the Group would have enough funds to perform its financial obligations in Hong Kong, there was continued uncertainty over the future of the Chinese property market. The shares fell by up to 20 percent on the news, according to Bloomberg.

After a weekend collapse, the price of digital currency stabilized on Monday after investors fled risky assets.

New York - Dow was up 1.8 percent at 35,188. 14 points are required for a total of 14 points.