Stocks slip, havens rally as new COVID-19 variant spooks investors

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Stocks slip, havens rally as new COVID-19 variant spooks investors dollar Asianshares

MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.3%, its sharpest drop since September. Casino and beverage shares sold off in Hong Kong, and travel stocks dropped in Sydney.Scientists said the variant, detected in South Africa, may be able to evade immune responses. British authorities think it is the most significant variant to date, worry it could resist vaccines and have hurried to impose travel restrictions on South Africa.

South Africa's rand dropped 1% to a one-year low in early trade. The risk-sensitive Australian and New Zealand dollars fell to three-month lows and S&P 500 futures fell 0.9%. Little is known about the new variant. However scientists told reporters it has"very unusual constellation" of mutations, concerning because they could help it dodge the body's immune response and make it more transmissible.

European countries expanded COVID-19 booster vaccinations and tightened curbs overnight. Slovakia announced a two-week lockdown, the Czech government will shut bars early and Germany crossed the threshold of 100,000 COVID-19-related deaths.

 

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