Asian markets bounce back from omicron sell-offs

Asian shares have bounced back from a worldwide slump in financial markets spurred by worries about how badly the omicron variant, inflation and other forces will hit the world economy

BANGKOK -- Asian shares bounced back Tuesday from a worldwide slump in financial markets spurred by worries about how badly the omicron variant, inflation and other forces will hit the world economy.

Tokyo gained more than 2% and other benchmarks in Asia also were higher.

Much of the concern over the global outlook has been driven by the omicron variant of coronavirus. Cases have skyrocketed in Europe and in the U.S., where federal health officials announced it accounted for 73% of new infections last week, a nearly six-fold increase in only seven days.

In Asia, cases of coronavirus have surged in Australia and South Korea, as governments tighten precautions to prevent or curb outbreaks. But bargain-seeking traders have often opted to buy when prices fall, adding to the volatility that is common during the thin activity of the holiday season.