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Wall Street's major averages fell more than 1% on Wednesday after a morning rally faded as investor angst about the latest coronavirus variant soared with the first U.S. case confirmation while the market also digested Fed comments on inflation.

Australian shares are poised to open lower on Thursday as the new Omicron coronavirus variant continues to keep investors jittery, with surging inflation risks further adding to concern over earlier-than-expected tapering by the U.S. Federal Reserve.

Robusta coffee futures on ICE closed more than 2% higher on Wednesday as a supply tightness continues to underpin the market for that variety.

Canada's main stock index will add to its recent record high over the coming year as the domestic economic recovery helps underpin corporate earnings, but gains are expected to slow from 2020's breakneck pace, a Reuters poll found.

The S&P rose on Wednesday after the previous session's tumble but pared much of its gains by late afternoon as investors were still jittery about the latest coronavirus variant, surging inflation and U.S. Federal Reserve policy.

Stock markets roared higher on Wednesday, reversing much of the previous session's losses, as investors used the dip in prices to begin December by betting the latest COVID-19 variant would not derail the economic recovery.

The Swiss blue-chip SMI was seen opening down 0.8% at 12,128 points on Tuesday, according to premarket indications by bank Julius Baer .

Sterling fell to a two-week low versus the euro on Tuesday as traders feared the Bank of England may keep interest rates unchanged amid concerns about the Omicron coronavirus variant.

The Australian and New Zealand dollars drifted against the greenback on Tuesday, hovering around recent lows as markets assessed the severity of the Omicron coronavirus variant on the world economy.

A semblance of calm returned to world markets on Monday as investors waited for more details to assess the severity of the Omicron coronavirus variant on the world economy, allowing battered stocks and oil prices to rebound.