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Moderna CEO warns COVID-19 shots less effective against Omicron, spooks markets
By Marius Zaharia and Renju Jose
Summary
Moderna CEO comments on Omicron jolt markets
Hong Kong bans non-resident arrivals from more countries
Singapore: 2 travellers to Sydney with Omicron transited Changi
Biden says variant is 'cause for concern, not a cause for panic'
HONG KONG/SYDNEY, Nov 30 (Reuters) - Drugmaker Moderna's CEO set off fresh alarm bells in financial markets on Tuesday after he warned that COVID-19 vaccines were unlikely to be as effective against the Omicron variant as they have been against the Delta version.
Moderna chief predicts existing vaccines will struggle with Omicron
Stéphane Bancel foresees ‘material drop’ in current jabs’ effectiveness, sending stocks and oil prices lower
2 HOURS AGO
Bancel cited the much higher number of mutations on the spike protein of the omicron variant and the speed at which it’s currently spreading across Africa as reasons. He predicted vaccine manufacturers would need several months to mass produce a vaccine that would be effective against omicron.
“His tone contrasts with the likes of Pfizer PFE, -2.96% and BioNTech BNTX, +4.17% who suggested any new vaccine would be able to modified fairly quickly. His rather candid comments have also seen oil prices slide back sharply, as an increasingly jittery market react with concern to the prospects of further restrictions and lower demand,” said Michael Hewson, chief market analyst at CMC Markets.
Bancel’s comments come a day after President Joe Biden said omicron was concerning, but no reason to panic, and the fight against it wouldn’t involve “shutdowns or lockdowns.”
