Moderna’s CEO cautioned on Tuesday that COVID-19 vaccinations are unlikely to be as successful against the Omicron strain as they have been against the Delta variant, setting off new alarm bells in financial markets. As Stephane Bancel’s statements sparked worries that vaccination resistance may lead to more sickness and hospitalizations, prolonging the epidemic, crude oil futures fell by more than a dollar, the Australian dollar fell to a year low, and the Nikkei index lost ground.
In an interview with the Financial Times, Moderna CEO Bancel said, “I think there is no universe where (effectiveness) is at the same level we had with Delta.” “I believe it will be a substantial decline. I’m just not sure how much it will cost because we need to wait for the data. But every scientist I’ve spoken with says, “This isn’t going to work.” “Bancel said. Omicron has sparked worldwide worry, with border restrictions casting a shadow over a fledgling economic recovery following a two-year epidemic, according to the World Health Organization (WHO).
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About Friday, news of its creation knocked $2 trillion off the value of global equities, however investors were able to regain some calm this week as they awaited further information on Omicron’s qualities. Before the words from the Moderna CEO frightened investors, President Joe Biden’s remarks that the US would not restore lockdowns had also helped calm markets. Biden has advocated for a broader vaccination campaign, while the US Centers for Disease Control and Prevention has advised that everyone over the age of 18 get a booster dose. In response to Omicron worries, the United Kingdom has increased its COVID-19 booster programme.
Fears about the new version have spurred governments around the world to tighten border restrictions fast in order to avoid a repeat of last year’s harsh lockdowns and severe economic downturns. Non-residents from a number of countries are now prohibited from entering Hong Kong. Non-residents of Angola, Ethiopia, Nigeria, and Zambia will be denied entry as of November 30. Non-residents who have visited Austria, Australia, Belgium, Canada, the Czech Republic, Denmark, Germany, Israel, or Italy in the previous 21 days will be denied entry to the city starting December 2.
Non-residents from South Africa, Botswana, Eswatini, Lesotho, Malawi, Mozambique, Namibia, and Zimbabwe have already been barred from entering the global financial hub, which is one of the last countries to pursue a zero-COVID approach. Five travellers tested positive for Omicron in Australia. Officials claimed they are vaccinated and under quarantine, and that they are asymptomatic or have very weak symptoms. Two passengers from Johannesburg who tested positive for the variation in Sydney transited through Singapore’s Changi airport, according to the Singaporean health ministry.
Read also: Biden urges calm over Omicron COVID-19 variant, promises efforts for modified vaccines
Authorities in Australia have also discovered a sixth passenger who had spent time in the community and was most likely infected with the variation. The reopening of the nation’s borders for overseas students and skilled migrants was postponed by Canberra on Monday, less than 36 hours before they were meant to be let back in. “We’re doing this out of an abundance of caution,” Federal Health Minister Greg Hunt said during a press conference. “Our overriding judgement is that while (Omicron) is an emerging variation, it is a controllable variant.”
Authorities in Australia have also discovered a sixth passenger who had spent time in the community and was most likely infected with the variation. The reopening of the nation’s borders for overseas students and skilled migrants was postponed by Canberra on Monday, less than 36 hours before they were meant to be let back in. “We’re doing this out of an abundance of caution,” Federal Health Minister Greg Hunt said during a press conference. “Our overriding judgement is that while (Omicron) is an emerging variation, it is a controllable variant.”
