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The worst oil-supply crisis in decades is showing tentative signs of easing. Sri Lanka’s President flees the country, state of emergency and a curfew declared. WHO warns COVID-19 still presents public health threat. Analysis: COVID-19 Update: New Omicron Variant Sweeps the US.

Condition Updates

A rundown of important global risk developments in markets, in business, and region by region.

Analysis: COVID-19 Update: New Omicron Variant Sweeps the US

According to federal data released last week, a new Omicron subvariant of COVID-19, dubbed BA.5, is now dominant. The variant, which scientists have found to more easily evade the protection provided by prior infection, vaccinations, and boosters, is prompting new outbreaks of cases and hospitalizations, and sparking worries of another Omicron tsunami.

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