>>> hello and welcome to strt i'm karen tso and these are your headlines. the uk ups covid alert level with prime minister boris johnson issuing a stark warning over the omicron variant. >> nobody should be in any doubt there is a wave of omicron coming i'm afraid it's clear, two doses of vaccine are not enough to give the level of protection we need. >> wall street looks set for further gains after inflation spikes to the highest levels since 1982 but the ceo of abu dhabi's wealth fund said he's still backing america. >> i continue to have a positive bull you shall view on the u.s. market. >>> the lira falls 14 to the dollar, with the central bank expected to cut rates further. >>> and credit swiss overhauls the board, planning to organize the board into four divisions. >>> we start out the day taking a look at the uk market in particular sterling, as the uk has moved to covid alert level 4, the second highest after it was warned the omicron variant is spreading higher than delta social distancing measures have been resumed and health services are bracing

karen tso is in our london news room with the early trade and what is looking like a tie-up tuesday. karen, it looks like from your big wall there, it's about the same as us hard to figure out exactly any kind of trend right now. >> brian, it'ses not you, it's the market we keep doing a u-turn on the trades today so it's very skittish sentiment we're seeing we started out the day strong across the markets, bounced on the ftse and the cac to the dax. and the ibex was traveling up. but as the u.s. futures have soured, the market is now pulling yesterday's script and effectively doing a u-turn, we looked like we would snap four straight days of losses, that's not the case now as we start to wobble but it's such a huge risk on event with central banks not just the fed by the bank of england and ecb, and the news around omicron is not that positive right now so markets giving back territory. seeing a wobble around the auto sector, that's been one of the weaker parts of the market this morning. media travel and lesure, technology, household goods. just about every sector was trading positiv

karen tso is in london with the latest good morning. >> good morning to you we are taking our cues from wall street the friday session strong for markets here we've snapped the losing streak. we were down about three straight sessions on the european markets we did close out on a losing note so we recaptured some of the green this morning, moved higher on the benchmark, the stock share 600 and across individual markets we're trading stronger the german stock market which raced ahead about 1% you note the uk stock market up about .1%. there are significant concerns around the new variant the uk has moved to covid-19 alert level four, that's the second highest after chiefs warned that the omicron variant is spreading faster than delta social distancing measures have been resumed and health services are bracing for a potential jump in hospitalizations. we rounded out sunday night with the prime minister boris johnson warning of a, quote, tidal wave of infections and urged people to book booster jabs offered to all adults by the end of the month. heavy vaccine strategy here. sterling is on

sing 2 >>> time now for business, and for that let's bring in cnbc's karen tso who joins us live from after we saw green on wall street. they seem to focus on the last federal reserve meeting of the year and the central bank's decision on ids bond-buying program. tell us what we can expect. explain all that. >> well, good morning. we did see a very strange shift in market sentiment as we started out trading because we ended on such a strong note friday. we've got the fed two-day policy meeting where we may see reassessment of the bond-buying program. also bringing forward interest rate hikes potentially. that's a huge market risk for a lot of investors. so we just saw the mood turn quite skittish as a result of monday's session, all of this, of course, at the same time as we have new concerns around the variant of omicron, and what that could mean for the growth. at the same time the central bank may take its foot off the accelerator. we sold off on recovery stocks yesterday. don't forget dollar has been king around the prospect of rate hikes, so any change to these key factors, that

cnbc karen tso live from london. thank you so much. >>> still ahead, america g7 allies back.ild up on the border with ukraine. >>> a look at this date in history. 21 years ago, 21 years ago george w. bush claimed the presidency a day after the u.s. supreme court shut down further recounts of disputed ballots in florida. >> i was not elected to serve one party, but to serve one nation. the president of the united states is the president of every single american. of every race and every background whether you voted for me or not, i will do my best to serve your interests and i will work to earn your respect. feel the difference with downy. find your rhythm. your happy place. find your breaking point. then break it. every emergen-c gives you a potent blend of nutrients so you can emerge your best with emergen-c. (chloe) wireless family plans save you money, but then you have to deal with family. so i got visible. get unlimited data for as low as $25 a month. no family needed. (dad vo) is the turkey done yet?! (mom vo) here's your turkey! (vo) visible. switch and get up to $200.