Doubts about vaccines against “Omicron” drop European shares by 1%

European stocks fell more than 1% on Tuesday, after pharmaceutical company Moderna raised doubts about the efficacy of vaccines against Covid-19 disease against Omicron, the new mutated strain of the Corona virus.

The pan-European Stoxx 600 index fell 1.5% to its lowest level in almost 7 weeks. The German DAX and French CAC indices also fell The British Financial Times, by more than 1.5%..

Shares in the oil sector plunged 2.9% as crude oil prices fell and bank shares fell 1.8% to the lowest level in more than two months.

Travel tickets fell by 2.7%.

Shares in Swedish carmaker Volvo fell 3% after reporting a decline in quarterly operating profit and monthly sales volumes due to a global semiconductor shortage.

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