Today we look at the news of the new Covid variant hitting global markets like a ton of bricks at almost the worst imaginable time, as liquidity is poor over the ongoing US Thanksgiving holiday, with most US market participants away from their desks on holiday and the most liquid global market in the US only open for half a session today. We underline that we have no idea what will happen in the ongoing development of this virus news, but that traders should tread with extreme care, given that near term volatility risks are extreme on the unfortunate timing, particularly giving the sudden shift in focus that this news brings relative to recent themes and current market positioning. Today’s pod features Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy hosting an on FX.