Omicron, found in Europe before S Africa, jolts markets on vax fears

Dutch authorities said the variant had been detected in the Netherlands as early as November 19

The financial markets and oil prices fell sharply on Tuesday after the head of drugmaker Moderna said existing Covid-19 vaccines would be less effective against the new Omicron variant. They were in the red despite reassuring comments from European officials and top executives of other vaccine makers who said all of the people infected are asymptomatic or showing only mild symptoms.
 
Oxford University, too, said there’s no evidence that the new omicron variant defeats the vaccine it developed with AstraZeneca, contrasting with more pessimistic views put forward by some other shot makers like Moderna and Regeneron.
 
BioNTech SE Chief Executive Officer Ugur Sahin said the current generation of Covid-19 vaccines probably will still protect against severe disease in people infected by the omicron variant.  He suggested though the rate of infections may increase, symptoms will be mild.
 
Merck also said its Covid antiviral would likely to be active against Omicron.
 
European Medicines Agency (EMA) Executive Director Emer Cooke told the European Parliament that existing vaccines will continue to provide protection. Andrea Ammon, chair of the European Centre for Disease prevention and Control (ECDC), said the cases of Omicron so far confirmed in 10 European Union countries were mild or without symptoms, although in younger age groups.