Top five things to watch out in the Markets this week — COVID-19 is back on top of the agenda for investors amid fears that the new Omicron variant could stall the global economic recovery from the nearly two-year pandemic. The new strain may also raise doubts over how quickly the Federal Reserve can move to unwind stimulus to tackle spiraling inflation. Against this background, Friday’s U.S. jobs report and testimony on Tuesday by Fed Chair Jerome Powell and Treasury Secretary Janet Yellen will be closely watched. Oil prices will be in focus ahead of Thursday’s OPEC+ meeting. Meanwhile, Tuesday’s euro zone inflation data will be in the spotlight ahead of December’s keenly anticipated European Central Bank meeting. Here’s what you need to know to start your week.

New pandemic wave?

Wall Street’s three main indices tumbled on Friday as they re-opened after Thursday’s Thanksgiving holiday with energy, financial and travel-related stocks bearing the brunt of the selloff, sparked by the discovery of the new coronavirus strain.

Powell and Yellen testimony

Fed Chairman Jerome Powell, fresh from his nomination for a second term by President Joe Biden, is due to testify on the CARES Act, the central bank’s pandemic-era stimulus program, before the Senate Banking Committee in Washington on Tuesday. Treasury Secretary Janet Yellen is also due to testify. A similar hearing will be held before the House Financial Committee on Wednesday

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