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Markets fall as Moderna chief predicts existing Covid vaccines will struggle with Omicron – business live | Business

Mount Equity Group Tokyo Japan > News > Business > Markets fall as Moderna chief predicts existing Covid vaccines will struggle with Omicron – business live | Business

Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

Anxiety over the Omicron variant is rippling through the financial markets again this morning, after the chief executive of drugmaker Moderna warned that existing Covid-19 vaccines are unlikely to be as effective against the Omicron variant as they have been against Delta.

Stéphane Bancel’s comments, to the Financial Times, have hit Asia-Pacific stocks, and the oil price, just a day after markets had stabilised after Friday’s tumble.

The FT says:

The chief executive of Moderna has predicted that existing vaccines will be much less effective at tackling Omicron than earlier strains of Covid-19 and warned it would take months before pharmaceutical companies can manufacture new variant-specific jabs at scale.

Stéphane Bancel said the high number of Omicron mutations on…

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