US President Joe Biden said that economic lockdowns are off the table. That gave some respite to the markets. Wall Street stocks closed higher on Monday, regaining some of the ground they lost in Friday's sell-off. Ken Peng, Asia Pacific Investment Strategist at Citi Private Bank, shared his perspective on the global as well as Indian markets.

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“India has shown tremendous resilience against new variants in terms of the economy and markets,” said Peng, in an interview with CNBC-TV18.

He doesn't expect Omicron to be a huge issue.

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He believes that the economic and market reaction has gone smaller after every COVID-19 wave that has been witnessed in the past one year.

“The amount of impact it has had for domestic mobility has also gotten smaller. The vaccines and the medicines available are still able to reduce the chances of severe symptoms caused by the new variant, Omicron,” he said.

Also Read: Using graphs to denote transmissibility of omicron is bad science, says Dr Anurag Agarwal

According to him, the overall impact on the economy might be less severe when compared to the Delta variant.

For the full interview, watch the accompanying video.

Catch all market updates here.

(Edited by : Dipikka Ghosh)