sydney nov 29 reuters  us stock futures led a market rebound on monday as investors prepared to wait a few weeks to see if the omicron coronavirus variant would really derail economic recoveries and the tightening plans of some central banks oil prices bounced more than 3 a barrel to recoup a chunk of fridays shellacking while safe haven bonds and the yen lost ground as markets latched onto hopes the new variant of concern would prove to be mild while omicron was already as far afield as canada and australia a south african doctor who had treated cases said symptoms of virus were so far mild read more another key difference is there are far higher vaccination take up rates globally now compared with when delta emerged said craig james chief economist at asset manager commsec what the news on omicron does highlight is the need for central banks and governments to take a cautious approach to removal of economic support and stimulus trading was erratic on monday but there were signs of stabilisation as sp 500 futures added 10 and nasdaq futures 12 both indices suffered their sharpest fall in months on friday with travel and airline stocks hit hard mscis broadest index of asiapacific shares outside japan miapj0000pus eased 01 but found support ahead of its 2021 low likewise japans nikkei n225 recouped early losses to be almost unchanged bonds gave back some of their hefty gains with treasury futures down 16 ticks the market had rallied sharply as investors priced in the risk of a slower start to rate hikes from the us federal reserve and less tightening by some other central banks twoyear treasury yields edged up to 056 after falling 14 basis points on friday in the biggest drop since march last year fed fund futures had pushed the first rate rise out by a month or so the shift in expectations undermined the us dollar to the benefit of the safe haven japanese yen and swiss franc on monday the dollar had steadied somewhat at 11371 yen  after sliding 17 on friday the dollar index held at 96190 after fridays 07 drop the euro was struggling again at 11276  following its rally from 11203 late last week european central bank president christine lagarde put a brave face on the latest virus scare saying the euro zone was better equipped to face the economic impact of a new wave of covid19 infections or the omicron variant read more the economic diary is also busy this week with chinas manufacturing pmis on tuesday to offer another update on the health of the asian giant the us ism survey of factories is out on wednesday ahead of payrolls on friday fed chair jerome powell and treasury secretary janet yellen speak before congress on tuesday and wednesday in commodity markets oil prices bounced after suffering their largest oneday drop since april 2020 on friday the move all but guarantees the opec alliance will suspend its scheduled increase for january at its meeting on 2 december wrote analyst at anz in a note such headwinds are the reason its been only gradually raising output in recent months despite demand rebounding strongly brent rebounded 48 to 7620 a barrel while us crude rose 52 to 7171 gold has so far found little in the way of safe haven demand leaving it stuck at 1791 an ounce  reporting by wayne cole editing by richard pullin shri navaratnam and lincoln feast