U.S. stock futures, oil regain some ground after Omicron battering
* Asian stock markets: Link
* U.S. stock futures edge up, bonds surrender some gains
* Nikkei down, but above early lows
* Omicron spreads, may take two weeks to know more
* Oil bounces after steep fall
By Wayne Cole
SYDNEY, Nov 29 (Reuters) - Asian markets regained a little composure on Monday as investors settled in for a few weeks of uncertainty on whether the Omicron variant would really derail economic recoveries and the tightening plans of some central banks.
Oil prices also bounced $3 a barrel to recoup some of Friday's shellacking, while the safe haven yen took a breather after its run higher.
The new variant of concern was found as far afield as Canada and Australia as more countries imposed travel restriction to try to seal themselves off.
Britain called an urgent meeting of G7 health ministers on Monday to discuss developments on the virus, although a South African doctor who had treated cases said symptoms of Omicron were so far mild.
"There is a lot we don't know about Omicron, but markets have been forced to reassess the global growth outlook until we know more," said Rodrigo Catril, a market strategist at NAB.
"Pfizer expects to know within two weeks if Omicron is resistant to its current vaccine, others suggest it may take several weeks. Until then markets are likely to remain jittery."
Trading was erratic early on Monday but there were signs of stabilisation as S&P 500 futures ESc1 added 0.8% and Nasdaq futures NQc1 0.9%.
Both indices suffered their sharpest fall in months on Friday with travel and airline stocks hit particularly hard.
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS eased 0.1% but was off early lows. Likewise, Japan's Nikkei .N225 pared early losses to be down 0.9%.
Bonds gave back some of their gains, with Treasury futures TYc1 down 11 ticks. The market had rallied sharply as investors priced in the risk of a slower start to rate hikes from the U.S. Federal Reserve, and less tightening by some other central banks.
Two-year US2YT=RR Treasury yields edged up to 0.55%, after falling 14 basis points on Friday in the biggest drop since March last year. Fed fund futures 0#FF: had pushed the first rate rise out by a month or so. FEDWATCH
The shift in expectations undermined the U.S. dollar, to the benefit of the safe haven Japanese yen and Swiss franc.
Early Monday the dollar had steadied somewhat at 113.81 yen JPY= , after sliding 1.7% on Friday. The dollar index =USD held at 96.190, after Friday's 0.7% drop.
The euro paused at $1.1294 EUR= , following its rally from $1.1203 late last week.
European Central Bank President Christine Lagarde put a brave face on the latest virus scare, saying the euro zone was better equipped to face the economic impact of a new wave of COVID-19 infections or the Omicron variant.
The economic diary is also busy this week with China's manufacturing PMIs on Tuesday to offer another update on the health of the Asian giant. The U.S. ISM survey of factories is out on Wednesday, ahead of payrolls on Friday.
Fed Chair Jerome Powell and Treasury Secretary Janet Yellen speak before Congress on Tuesday and Wednesday.
In commodity markets, oil prices bounced after suffering their largest one-day drop since April 2020 on Friday.
"The move all but guarantees the OPEC+ alliance will suspend its scheduled increase for January at its meeting on 2 December," wrote analyst at ANZ in a note.
"Such headwinds are the reason it's been only gradually raising output in recent months, despite demand rebounding strongly."
Brent LCOc1 rebounded 3.9% to $75.57 a barrel, while U.S. crude CLc1 rose 4.5% to $71.24.
Gold has so far found little in the way of safe haven demand, leaving it stuck at $1,791 an ounce XAU= .
Asia stock markets Link
Asia-Pacific valuations Link
Reporting by Wayne Cole; Editing by Richard Pullin & Shri
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