By Julie Zhu

HONG KONG (Reuters – Asian stocks rose after a bruising Wall Street session on Tuesday. However, investors continue to be concerned about Omicron coronavirus cases, which are increasing in China.

The U.S. stock market indexes fell more than 1% after positive COVID-19 cases rose, and President Joe Biden’s Social Spending and Climate Bill suffered a major setback.

The mood was brighter in early Asian hour with U.S. stock options up and assets damaged in Monday’s buying finding buyers. Volumes were still low going into the holiday season.

The MSCI’s largest index of Asia-Pacific shares was 0.4% higher than its Japan counterpart. Investors bought in to Monday’s selloff, causing the Australian stock market to rise 1.79%. However, Australian shares were up 0.47 percent.[.T][.AX]

Investors are concerned about Omicron risk, even though the global share rout appears to have paused.

COVID is still a serious threat to global economic stability. CBA economists shared their initial findings that the Omicron strain is more likely to transmit but has less severe symptoms than other variants.

The blue-chip CSI300 index in China was 0.37% lower than the previous year, while the rise rose 0.46%. Real estate developers led gains.

China is believed to have urged property firms of both large and small size to buy distressed real estate developers in order to lessen the risks associated with mounting debts.

Hong Kong opened at 0.56%

The Monday drop was 1.23% <.spx lost="">Dropped 1.24%; 1.14% dropped

Europe’s top indexes fell after Boris Johnson, Britain’s Prime Minister, said that he would increase coronavirus controls if needed. This was after the Netherlands instituted a fourth lockdown. Others in the region were considering restrictions for Christmas.

The, which measures the greenback’s value against a basket currency of major trading partners, fell to 96.512 on Tuesday morning.

On Monday, the benchmark yield rose to 1.429%, compared to its U.S. closing of 1.419%. This yield rises in line with the expectations of traders of higher Fed Fund rates and reached 0.6297% on Monday, as compared with an average U.S. close at 0.63%.

Concerns that Omicron would increase fuel demand and sign of increasing supply led to oil prices starting to rebound. [O/R]

An increase of 0.7% to $69.1 per barrel was recorded. The average barrel cost $71.9

It was slightly less expensive than gold. Gold was sold at $1791.32 an ounce. [GOL/]