Omicron Covid (B.1.1.529) variant - the economy and markets.
The Pandemic has become a Permademic.  Even without Omicron, global cases have doubled since September.  For the moment Europe is the epicentre .  But it moves in waves globally.  It will not go.  The vulnerability of populations to Covid is 30-35% in developed economies; 35-40% in China and 55% to 95% in Developing and Poor Economies. Vulnerability is a function of unvaccinated people who would want to be; anti-vaxxers; ageing vaccinations & poor quality vaccinations. That is plenty for the virus to work with.

The economic consequences are tolling supply chain disruptions which increase inflation and reduce growth simultaneously - unlike most economic crises (which are normally deflationary shocks).

In the longer term the result is Globalisation as manufacturing and associated services are on-shored or near-shored.  This increases security of supply but increases costs and inflation.