GLOBAL MARKETS-Asian stocks slip on fresh COVID-19 concerns

NEW YORK, Dec 21 (Reuters) - Asian shares were poised for a
weaker start on Tuesday, while oil prices fell, as investors
worried a highly infectious new strain of COVID-19 that shut
down much of Britain could lead to a slower economic recovery.
Australian S&P/ASX 200 .AXJO lost 0.54% in early trading.
Japan's Nikkei 225 .N225 slipped 0.58%.
E-mini futures for the S&P 500 EScv1 dipped 0.05%, after
U.S. stocks mostly recovered from steep, early declines.
The question now is whether that stabilization seen during
the U.S. market session will carry over to Asia, said Kyle
Rodda, Market analyst, IG Markets.
"What we're really feeling out in the markets more broadly
is whether the bearishness we saw sweeping though in European
trade is reflective of a broader pullback in the market. If this
is a sign of things to come, or whether it's merely a short-term
shock to the system to the developments in the UK, the new virus
strain," he said.
Countries across the globe shut their borders to Britain on
Monday due to fears about a new strain of coronavirus, said to
be up to 70% more transmissible than the original, causing
travel chaos and raising the prospect of food shortages days
before Britain is set to leave the European Union. The discovery of the new strain, just months before vaccines
are expected to be widely available, renewed fears about the
virus, which killed about 1.7 million people worldwide.
Oil prices dropped on expectations of lower demand, with
U.S. crude CLc1 recently down 0.25% at $47.85 per barrel,
while Brent LCOc1 was 2.79% lower at $50.80.
U.S. stocks pared much of their early losses during a
volatile session on Monday on hopes a long-anticipated stimulus
package agreed to by congressional leaders will help spur a
stronger recovery.
The S&P 500 .SPX ended the day down 0.39% at 3,694.92.
Volatility in U.S. equities jumped in thin holiday trading.
The Cboe Volatility Index .VIX , known as Wall Street's "fear
gauge," notched its largest one-day gain since late October,
even though it finished well off its session high.
MSCI's gauge of stocks across the globe .MIWD00000PUS
declined 0.09%.
Spot gold XAU= rose 0.22% to $1,880.36 per ounce, with the
safe-haven asset hitting a one-month high earlier in the
session.