Traders work on the floor of the New York Stock Exchange September 4, 2008 in New York City.
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  • A new flash poll conducted by Deutsche Bank showed that market participants aren't really that concerned about Omicron.
  • Only 10% of respondents see the new Omicron variant being the biggest topic on financial markets by the end of the year.
  • On Friday, when the World Health Organization labeled the new variant, the Dow plunged 905 points.
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As word about the new coronavirus strain continued to dominate headlines, a new flash poll conducted by Deutsche Bank Research Monday showed that most market participants aren't really that concerned about Omicron.

Only 10% of financial market participants see the new variant being the biggest topic by the end of the year, based on 1,538 respondents surveyed on November 29.

Around 60%, meanwhile, thought it would still be an issue but only of moderate importance, while roughly 30% believe it will be forgotten soon.

Omicron level of concern
dbDIG Survery, Deutsche Bank Research

"For full disclosure, I would have picked B with a bias nearer to A than C so I will be equally offside if Omicron becomes a game-changer," Jim Reid, research strategist at Deutsche Bank, said in an email.

Reid, who sent out the snap survey, said US responses were slightly more optimistic with only 8% picking option C. In Europe, around 10% chose that option while in the UK it was 12%. Asia led the pack as the most sanguine though, with only 4% selecting option C.

On Friday, when the World Health Organization labeled the new variant, the Dow Jones Industrial Average plunged 905 points — to its largest Black Friday selloff since 1931.

But on Monday, US equities bounced back and were extending gains. Many analysts have maintained their relatively upbeat forecasts for stocks.

"As the initial shock wears off a bit, traders could be eyeing opportunities," Chris Larkin, managing director of trading, at E-Trade Financial, said. "But keep in mind, while COVID continues to be a serious threat, we're in a very different place than we were at the start of the pandemic in terms of medical advances and the strength of our economy."

Read the original article on Business Insider