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Gavin Grey: Stocks and oil prices fall as Moderna CEO says current vaccines will struggle with Omicron

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Sinopsis

Global stocks and oil prices fell again Tuesday after a brief respite from the heavy sell-off triggered by the emergence of the Omicron coronavirus variant.Stocks in Asia Pacific and Europe slid, while Wall Street opened weaker. Oil prices fell about 3% as more countries reported cases of the variant and imposed new travel restrictions. The mood was also dampened by a warning from Moderna CEO Stéphane Bancel that current vaccines will struggle with Omicron."There is no world, I think, where [the effectiveness] is the same level . . . we had with [the] Delta [variant]," Bancel said in an interview with the Financial Times published on Tuesday. "I think it's going to be a material drop. I just don't know how much because we need to wait for the data. But all the scientists I've talked to ... are like, 'This is not going to be good'."South Korea's Kospi led losses in Asia, falling 2.4%, while Japan's Nikkei 225 dropped 1.6%. Hong Kong's Hang Seng Index fell 1.6%. The Shanghai Composite was flat. China's economy