European Stock Futures Higher; Investors Reassess Omicron Variant Damage By Investing.com – Investing.com

European Stock Futures Higher; Investors Reassess Omicron Variant Damage By Investing.com – Investing.com

© Reuters.

By Peter Nurse 

Investing.com - European stock markets are expected to open firmly higher Monday, unwinding some of Friday’s hefty losses as investors reassess the potential economic damage the newly discovered omicron Covid variant might cause.

At 2:05 AM ET (0705 GMT), the contract in Germany traded 2.1% higher, in France climbed 1.7% and the contract in the U.K. rose 1.6%.

The new coronavirus variant has spread rapidly around the world, with new cases found in the U.K., the Netherlands, Denmark and Australia, prompting more travel restrictions as countries try to isolate themselves.

The World Health Organization labelled the newly called omicron modification “a variant of concern” on Friday, but has also said it was not yet clear whether it is more transmissible than other variants, or if it causes more severe disease.

South African health experts have indicated that the symptoms from the new variant have been mild so far, while drugmaker Moderna (NASDAQ:) indicated Sunday it could roll out a reformulated vaccine early next year. 

This has prompted investors to reassess the fears that gripped the market last week that the variant could resist vaccinations and crush the economic recovery.