US, Unlike Europe, "Enjoy Christmas"... Stock Market Reacts Positively

Lockdown Lines Drawn, Travel Stocks Surge Sharply

[Image source=AP Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min, Reporter Cho Hyun-ui] As Christmas approaches, the responses to the spread of the Omicron variant in the United States and Europe are clearly diverging. While Europe is increasingly imposing lockdowns, the United States, with President Joe Biden himself blocking the possibility of lockdowns, is encouraging vaccinated people to gather for Christmas celebrations.

On the 21st (local time), President Biden announced measures focused on expanding medical personnel and diagnostic capabilities in a national address on COVID-19 response, ruling out the possibility of a full lockdown. This was consistent with White House Press Secretary Jen Psaki’s briefing the day before, where she stated, "This is not a speech about locking down the country."

On that day, President Biden said, "Take Omicron seriously, but don’t panic," and urged, "Make plans to celebrate Christmas with family and friends as usual." Despite the CDC’s announcement the previous day that Omicron accounted for 73% of new infections and had become the dominant strain in the U.S., Biden’s decision not to impose lockdowns is analyzed as being due to concerns about the economic impact, including inflation, and public backlash.

Instead of lockdown orders, the U.S. has proposed distributing free self-test kits and expanding booster vaccinations as measures against Omicron. President Biden announced the free supply of 500 million self-test kits and support from 1,000 military doctors and nurses.

Following Biden’s declaration of no lockdown measures, the U.S. stock market responded positively. Major indices on the New York Stock Exchange rebounded after three consecutive days of decline reflecting Omicron concerns. Stocks in travel-related sectors such as airlines, cruises, and hotels surged significantly. Jeff Curry, a Goldman Sachs analyst, said, "Investors seem to be recognizing COVID-19 as a periodically recurring illness."

[Image source=AP Yonhap News]

The actions of major European countries are completely different from those of the U.S. European nations are tightening quarantine measures around Christmas, implementing restrictions on private gatherings and recommending remote work, effectively enacting near-lockdown measures.

Sweden, Portugal, Germany, and Scotland announced strengthened quarantine measures in response to the spread of Omicron on this day. Sweden will limit private gatherings to 50 people starting from the 23rd and recommend remote work for virtually all workers except essential personnel.

Portugal will suspend the operation of clubs and bars for two weeks starting from the 25th and implement remote work. Entry to theaters, hotels, and sports venues, as well as restaurants on Christmas Eve and December 31, will require a negative test certificate. Outdoor private gatherings on December 31 will also be limited to 10 people.

Scotland will cancel large-scale events, including the Edinburgh street torchlight procession and New Year’s events, for three weeks starting from the 26th. Germany will limit indoor and outdoor private gatherings to 10 people for vaccinated and recovered individuals starting from the 28th and will close clubs and discotheques.

The United Kingdom, where 90,000 new cases are reported daily, says the severity of Omicron is still uncertain and will not take additional measures before Christmas. However, Prime Minister Boris Johnson stated, "Since Omicron is spreading at an unprecedented speed, we will take action after Christmas if necessary."

This content was produced with the assistance of AI translation services.