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Good morning. Vaccine exec’s comments spook markets, new leadership at Twitter and a Labour reshuffle. Here’s what’s moving markets.
Monday’s bounce in European stocks may not have marked the end of omicron-driven declines, as European stock futures point to a negative open once more. In comments published this morning, Moderna’s CEO told the Financial Times that existing vaccines will be less effective at tackling omicron than earlier strains of Covid-19 and it may take months before pharmaceutical companies can manufacture new variant-specific jabs at scale. Both Moderna and peer BioNTech are working on vaccines adapted to the new variant, and their timelines suggest shots may be ready early next year.