The impact of Omicron is slowly coming into focus. So far it is, largely, better than feared. On January 18th the price of a barrel of Brent crude oil approached $88, its highest level in seven years. Although global stockmarkets have sold off in recent days and are at the same level as in late November, that seems to reflect worries over higher interest rates rather than covid-19. Goldman Sachs, a bank, has constructed a share-price index of European companies, such as airlines and hotels, that thrive when people are able and willing to be in public spaces. The index, a good proxy for anxiety about covid-19’s economic impact, has surged relative to wider stockmarkets in recent weeks. What has changed since omicron was detected ?

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