Moderna CEO says vaccines likely less effective against Omicron - FT
* Drugmaker CEO warns of "material drop" in vaccine effectiveness
* Mutations mean existing vaccines likely need modifying - CEO
* Financial markets drop
SYDNEY, Nov 30 (Reuters) - The head of drugmaker Moderna MRNA.O said COVID-19 vaccines are unlikely to be as effective against the Omicron variant of the coronavirus as they have been previously, sparking fresh worry in financial markets about the trajectory of the pandemic.
"There is no world, I think, where (the effectiveness) is the same level . . . we had with Delta," Moderna Chief Executive Stéphane Bancel told the Financial Times Link in an interview.
"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.'"
Vaccine resistance could lead to more sickness and hospitalisations and prolong the pandemic, and his comments triggered selling in growth-exposed assets like oil, stocks and the Australian dollar.
Bancel added that the high number of mutations on the protein spike the virus uses to infect human cells meant it was likely the current crop of vaccines would need to be modified.
He had earlier said on CNBC that it could take months to begin shipping a vaccine that does work against Omicron.
Fear of the new variant, despite a lack of information about its severity, has already triggered delays to some economic reopening plans and the reimposition of some travel and movement restrictions. [nL1N2SL045
Reporting by Tom Westbrook; Editing by Kim Coghill
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.