Asian markets bounce back from omicron sell-offs

By ELAINE KURTENBACH
AP Business Writer

BANGKOK (AP) — 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. Tokyo gained 2.1% and other benchmarks in Asia also were higher. Oil prices also advanced. On Monday, the S&P 500 fell 1.1%, following up on similar drops across Europe and Asia. Stocks of oil producers fell sharply after the price of U.S. crude fell 3.7%. Markets were also absorbing a major setback for a proposed $2 billion spending plan by the U.S. government and the Federal Reserve’s move last week to more quickly exit from the tremendous support it’s providing the economy.