Oliver Mangan: Economies and markets have become better able to cope with the pandemic

The recovery in labour markets has been particularly impressive. Corporate and household balance sheets are in a very robust state

Passengers in Dublin Airport last week. Restrictions on travel have been imposed after the emergence of the Omicron variant. Picture: Leah Farrell / RollingNews.ie

There has been a marked increase in volatility on financial markets in recent weeks, with sharp movements even on an intra-day basis, becoming increasingly common across all asset classes. 

Investors are desperate for some certainty, but the economic outlook is getting cloudier by the day, resulting in big swings back and forth on markets. This is contributing to a general risk-off tone to trading as markets start to wind down for the year.