European stock markets traded sharply lower Tuesday, weighed by fresh concerns about the effectiveness of the current vaccines in combating the newly discovered omicron Covid variant.
Sentiment slumped Tuesday after Moderna (NASDAQ:MRNA) chief Stephane Bancel suggested in a Financial Times article that existing Covid-19 vaccines would struggle to cope with the omicron variant, predicting a ‘material drop’ in their effectiveness.
He also warned that it would take months before the drugmakers can manufacture the new variant-specific injections in sufficient quantities to be effective.
Turning to economic data, French inflation rose unexpectedly in November to hit its highest level in 13 years, with consumer prices up 0.4% from last month, giving a 12-month inflation rate of 3.4%, the highest since September 2008.
Additionally, gold futures rose 0.6% to $1,795.15/oz, while EUR/USD traded 0.5% higher at 1.1351.
- Additionally, gold futures rose 0.6% to $1,795.15/oz, while EUR/USD traded 0.5% higher at 1.135
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