'This is Not Going To Be Good': Moderna CEO's Omicron Warning Sends Markets Tumbling

November 30, 2021 6:24 AM EST
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European and Asian shares trade in the red this morning after Moderna’s (NASDAQ: MRNA) CEO Stephane Bancel said he expects the company’s vaccine to record lower protection against the COVID-19 Omicron variant than Delta.

"There is no world, I think, where (the effectiveness) is the same level . . . we had with Delta," Bancel told the Financial Times.

"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'," Bancel added.

In the currency market, the dollar fell while the yen soared as the risk-off environment prevails across capital markets this morning.

"Market participants’ fears over a more disruptive outcome for the global economy have been reinforced overnight by comments from Moderna Inc. CEO," Mizuho strategists said in a client note.

Major US indexes rebounded yesterday in hopes existing vaccines will offer protection against the new variant. However, Bancel’s comments are likely to fuel risk-off trades today and in the coming days as investors fear that the global economy reopening will pause until newly updated vaccines are available.

Dow futures are down 1.3%, Nasdaq is trading 0.5% lower, while the S&P 500 is 1% in the red in pre-open Tuesday.



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