"Black Friday" has quickly mutated into red Friday for markets, where panicking traders sell first and only ask questions later if at all. So for those who are too pressed for time to read out primer on the "Scared Nu World", but want to catch up to speed on consensus, here is a snapshot of analyst kneejrek reactions to the market's latest obsession.

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Barclays - Emmanuel Cau

• “With many equity markets at an all-time high, thin year-end liquidity and Covid cases up again, a pull-back seems logical,” says strategist Emmanuel Cau

• “We have advised a more barbell sector allocation and downside hedges at these levels, but we believe resilient growth and patient central banks should continue to provide cushion on a medium-term horizon, while investors have dry powder to buy dips”

• “What is key is to find out whether current vaccines remain effective against the variants, or not. Covid uncertainty might force central banks to err on the side of caution.”

Berenberg - Holger Schmieding

• “At this stage, it is too early to assess the potential economic consequences,” says chief economist Holger Schmieding

• “Any new wave could cause serious economic damage. As one potentially mitigating factor, the world is now on high alert and has ramped up its capacity to develop, adjust and produce vaccines”

Comdirect Bank - Andreas Lipkow

• “European stock markets are literally put to the ultimate test today,” says strategist Andreas Lipkow

• “The timing for this price move is extremely inopportune. On the one hand shortly before the weekend and on the other hand on a shortened U.S. trading day”

• “The DAX continues to lose momentum as market participants in Europe, and especially in Germany, are unable to find any isolated arguments to buy the dip amid the current explosive situation”

Donner & Reuschel - Martin Utschneider

• “The short-term indications have literally changed overnight,” says head of technical analysis Martin Utschneider.

Sumitomo Mitsui DS Asset Management

• “Even before this news, virus cases were back on the rise in the U.S. and Europe, so investors are now wary of the possibility that with a new variant, infections could spread all at once,” says chief market strategist Masahiro Ichikawa

• There’s a risk the Nikkei 225 will break below the 29,000 mark; if it breaches that level, there’s a possibility the measure will finish the day in the 28,000-yen-range

• “Today would have been a quiet day if not for the news of the variant”

BlackRock International - Wei Li

• The root of debate is if the new variant represents a bigger challenge to vaccine efficacy, Wei Li, global chief investment strategist, said on Bloomberg TV

• “That would be determining our take on what’s happening right now: if what we see represents a delay to the restart story that we’ve seen back and forth, rather than a fundamental derailment”

IG Markets - Kyle Rodda

• “The fact we have North America off the desks means there’s a wall of buyers missing” at a time when there are ‘scary’ headlines about the new Covid-19 variant, says analyst Kyle Rodda

• Virus-related headlines “may have caused a knee jerk reaction,” and “thinner markets make for more pronounced moves”

• Some weakness through cyclicals, implying markets are also concerned about growth and an aggressive Fed that may slow the global economy

Lombard Odier Investment Managers - Nivedita Sunil

• While a more pronounced global risk-off move would impact Asian credit markets in tandem with global markets, the direct impact may be more limited and manageable, according to Nivedita Sunil, portfolio manager for Asia and emerging-market debt

• This is because mobility restrictions in Asia are already among the most stringent due to zero-Covid strategies until recently

Daiwa Capital Markets - Bernard Shaw

• In a scenario where the new variant becomes a bigger issue, markets may see less rate hikes and a slower pace of tapering in the U.S., according to Bernard Shaw, Asia bond syndicate banker

• Policy rates in Asia Pacific are still low and provide a cushion for corporate credits during sell-offs

United First Partners - Justin Tang

• Good thing is countries such as U.K. are acting fast to curtail the spread of any new variant, says Justin Tang, head of Asian research

• “Given that the world has gone through this before with delta, there is already a playbook for such situations -- even if the new variant overstays. New mutations are expected and not something unknown”

Source: Bloomberg