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As many as 290 cases of <keyword id="21545939" type="General" weightage="20" keywordseo="KP-2" source="keywords">KP.2</keyword> and 34 cases of <keyword id="21748081" type="General" weightage="20" keywordseo="KP-1" source="keywords">KP.1</keyword>, both sub-lineages of COVID-19 that are responsible for surge in cases in Singapore, have been found in India, according to official data. However, a source in the Union health ministry told PTI that they are all sub variants of <keyword id="20115417" type="General" weightage="20" keywordseo="JN1" source="keywords">JN1</keyword> and there is no associated increase in hospitalisation and severe cases. "So there is no reason for concern or panic. The mutations will keep happening at a rapid pace and this is the natural behaviour of viruses like SARS-CoV2," the source said. The source further said that the INSACOG surveillance is sensitive and is able to pick up the emergence of any new variant and samples are also picked from hospitals in a structured manner to detect any change in the severity of disease due to virus. Data compiled by the Indian SARS-CoV-2 Genomics Consortium (INSACOG) showed that 34 cases of KP.1 have been found across seven states and UTs with 23 cases registered from West Bengal. The other states are Goa (1), Gujarat (2), Haryana (1), Maharashtra (4) Rajasthan (2) and Uttarakhand (1). As many as 290 cases of KP.2 have been registered with Maharashtra reporting the highest number at 148, according to the data. The other states and Union territories are Delhi (1), Goa (12), Gujarat (23), Haryana (3), Karnataka (4), Madhya Pradesh (1), Odisha (17), Rajasthan (21), Uttar Pradesh (8), Uttarakhand (16) and West Bengal (36). Singapore is seeing a new COVID-19 wave as the authorities recorded more than 25,900 cases from May 5 to 11 with KP.1 and KP.2 accounting for over two-thirds of cases in Singapore. Globally, the predominant COVID-19 variants are still JN.1 and its sub-lineages, including KP.1 and KP.2. KP.1 and KP.2 belong to a group of COVID-19 variants scientists have nicknamed 'FLiRT', after the technical names of their mutations. The strains in FLiRT are all descendants of the JN.1 variant, an offshoot of the Omicron variant. KP.2 was classified by the World Health Organization as a Variant Under Monitoring.

290 cases of COVID-19 variant KP.2, 34 cases of KP.1 detected in India: INSACOG data

Should we be freaking out about the new COVID variants?

No new Covid-19 variants have emerged in <keyword id="1334" type="General" weightage="100" keywordseo="china" source="Orion">China</keyword> during the recent surge in infections since the country ended its zero-Covid policy, according to an analysis of cases in <keyword id="1333" type="General" weightage="80" keywordseo="beijing" source="Orion">Beijing</keyword> published in The <keyword id="6361830" type="General" weightage="80" keywordseo="lancet" source="Orion">Lancet</keyword>. The study suggests two existing <keyword id="1609796" type="General" weightage="80" keywordseo="omicron" source="Orion">Omicron</keyword> sub-variants, BA.5.2 and BF.7, among the most dominant variants in Beijing during 2022, accounted for more than 90 per cent of local infections between November 14 and December 20, 2022. Imported cases during the same period mostly involved different variants to those dominant in Beijing. Genome analysis of 413 new Covid-19 infections in Beijing spanning the time period when China lifted its most strict pandemic control policies suggests that all were caused by existing strains. "Our analysis suggests two known Omicron sub-variants - rather than any new variants - have chiefly been responsible for the current surge in Beijing, and likely China as a whole. However, with ongoing large-scale circulation of Covid-19 in China, it is important we continue to monitor the situation closely so that any new variants that might emerge are found as early as possible," said Professor George Gao of the Institute of Microbiology at the Chinese Academy of Sciences. The results represent a snapshot of the pandemic in China, due to the characteristics of Beijing's population and the circulation of highly transmissible Covid-19 strains there. In the three years since Covid-19 was declared a global pandemic, the emergence of variants such as Alpha, Beta, Gamma, Delta, and Omicron has caused multiple waves of cases around the world. In the latest study, the authors analysed Covid-19 samples detected in Beijing in 2022. Genome sequences were generated using rapid, large-scale sequencing technology, and their evolutionary history and population dynamics analysed using existing high-quality Covid-19 sequences. Analysis of the 413 new sequences revealed they all belong to existing, known COVID-19 strains. The dominant strain in Beijing after November 14 2022 was BF.7, which accounted for 75.7 per cent of local infections. Another Omicron sub-variant, BA5.2, was responsible for 16.3 per cent of local cases. Professor Wolfgang Preiser and Dr Tongai Maponga of the University of Stellenbosch, South Africa, who were not involved in the study, said: "It is welcome to see this much-needed data from China. It is certainly reassuring that this study yielded no evidence for novel variants but not a surprise: the surge is amply explained by the abrupt cessation of effective control measures." However, they urge caution in drawing conclusions about China as a whole based on data from Beijing, saying that "the SARS-CoV-2 molecular epidemiological profile in one region of a vast and densely populated country cannot be extrapolated to the entire country". SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/ola-launches-new-e-scooter-s1-air-starting-at-84999/articleshow/97774661.cms">Ola launches new e-scooter S1 Air, starting at ₹84,999</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/reliance-capital-case-battling-for-higher-value-to-stakeholders-says-iihl/articleshow/97776304.cms">Reliance Capital case: Battling for higher value to stakeholders says IIHL</a>

No new Covid variants emerged during China's recent outbreak: Lancet study

<ul><li><keyword id="6355882" type="General" weightage="20" keywordseo="Israel" source="Orion">Israel</keyword> reports two cases of a <keyword id="10466854" type="General" weightage="20" keywordseo="new-Covid-19-variant" source="Orion">new COVID-19 variant</keyword> on Wednesday.</li><li>The new variant identified is not worrisome as other variants, says the Health Ministry.</li><li>This new variant is the combination of two sub-variants of the Omicron strain — dubbed BA.1 and BA.2.</li></ul>Israel’s health ministry, on Wednesday, announced that it had detected two cases of a new COVID-19 variant. However, the new variant identified is not worrisome as other variants. The health ministry further informed that this new variant is the combination of two sub-variants of the Omicron strain — dubbed BA.1 and BA.2. This variant was reported in two passengers at Israel’s Ben Gurion airport while doing the PCR test. “ This variant is still unknown around the world,” said the ministry in a statement. Israel’s pandemic response chief Salman Zarka said, “The phenomenon of combined variants is well known. At this stage, we are not worried about it leading to serious cases.” “Israel will also not lift more COVID-19 restrictions amid rising infections in several locations around the world,” the Prime Minister's Office said in a statement on Thursday. Following a consultation meeting with health officials, Prime Minister Naftali Bennett and Health Minister Nitzan Horowitz decided that the mask mandate will not be lifted, but the measure will be reviewed again in April. <cmsannotation type="cmsannotation" annotationid="Symptoms of this new variant" comment="subhead" text="Symptoms of this new variant">Symptoms of this new variant</cmsannotation> Talking about the symptoms of the new variant, the ministry said the two cases suffered mild symptoms only and didn't require any special medical response. These symptoms were seen — <ol><li>Fever </li><li>Headache </li><li>Muscle dystrophy</li></ol><cmsannotation type="cmsannotation" annotationid="From where did this variant originate?" comment="subhead" text="From where did this variant originate?">From where did this variant originate?</cmsannotation> The ministry has not conducted the research yet, so it is still unknown where this variant came from. Israel has so far inoculated four million COVID-19 doses out of the population of 9.2 million people. The country also recorded 1.4 million cases of COVID-19 infection and 8,244 deaths to date. The Israeli government has administered three COVID-19 vaccines to its people and will start the fourth vaccine dose to people over 60 years and health workers. Last month, Israel also announced that unvaccinated tourists would now be allowed to enter as the country eased down the COVID restrictions. Prime Minister Naftali Bennett said that the country was seeing a ‘consistent decline in morbidity data, hence decided to reopen the border. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/paytm-may-face-tough-times-ahead-stock-brokers-recommend-to-stay-away-from-the-stock/articleshow/90283463.cms">Paytm may face ‘tough times ahead’, stock brokers recommend to stay away from the stock</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/top-10-richest-people-in-india-in-2021-22-as-per-hurun-list/slidelist/90282882.cms">Top 10 richest people in India as per Hurun List</a>

Israel detects new COVID-19 variant — All you need to know about it

<ul class="summary-list"><li><keyword id="11905566" type="UNKNOWN" weightage="60" keywordseo="remote-work" source="Orion">Remote work</keyword> and vaccine <keyword id="11893878" type="UNKNOWN" weightage="60" keywordseo="stocks" source="Orion">stocks</keyword> rallied in Friday trading as traders bet on the new <keyword id="11948588" type="UNKNOWN" weightage="60" keywordseo="coronavirus-variant" source="Orion">coronavirus variant</keyword> to spark fresh lockdowns.</li><li>The rest of the market slumped the most all year, overshadowing strong 4Q forecasts and data showing a budding boom.</li></ul>With the ink barely dry on news of another COVID strain, Wall Street is already betting big on another round of lockdowns.The new variant of <keyword id="11893194" type="UNKNOWN" weightage="60" keywordseo="coronavirus" source="Orion">coronavirus</keyword> discovered in Africa has quickly revived worries of another virus wave, as experts fear its many mutations could make it more infectious — and potentially vaccine-resistant. The variant, named B.1.1.529, has already been found in South Africa, Botswana, and Hong Kong. The world <keyword id="11893570" type="UNKNOWN" weightage="100" keywordseo="economy" source="Orion">economy</keyword> had only just seemed to put the Delta wave in its rearview before this new strain, which stands to freeze the global recovery in its tracks all over again.Investors are already hedging for more economic pain. Shares of popular "stay-at-home" stocks <a href="https://markets.businessinsider.com/news/stocks/moderna-stock-zoom-video-peloton-new-covid-variant-pfizer-biontech-2021-11">rebounded on Friday</a> as traders dumped reopening strategies and braced for new lockdowns. Telework picks Zoom Video and DocuSign bounced as much as 11% and 6%, respectively. Peloton shot nearly 8% higher. Vaccine plays including Pfizer, Moderna, and BioNTech all soared as well.The rallies are even more pronounced when compared to the rest of the market. The Dow Jones Industrial Average tumbled as many as 1,000 points, or about 3%, in Friday trading, while the S&amp;P 500 fell 2.2% at intraday lows. The session is on track to be the market's biggest single-day decline in 2021, though the Friday session is set to end early due to the Thanksgiving holiday.Stocks aren't the only assets plummeting on fresh <keyword id="91743" type="UNKNOWN" weightage="60" keywordseo="lockdown" source="Orion">lockdown</keyword> fears. Brent crude oil slid below $75 per barrel for the first time since September. The plunge marks a stark reversal from the price jumps <a href="https://www.businessinsider.com/oil-prices-today-emergency-reserves-spr-gas-prices-biden-opec-2021-11">seen earlier this week</a>. The drop signals traders are betting on new lockdowns to crimp global gas demand.The selloff comes as the US recovery accelerates and banks forecast <a href="https://www.businessinsider.com/economic-recovery-booming-fourth-quarter-wall-street-gdp-growth-forecasts-2021-11">booming growth in the fourth quarter</a>. Indicators for consumer spending and jobless claims have returned to pre-pandemic levels, and the labor market is on its way to a complete recovery. But the market's massive Friday selloff doesn't just signal the recovery is slowing; it also means the new variant is threatening reopening itself.<h2>From reopening to renewed lockdowns</h2>Traders' bearish outlooks have already materialized in some countries. Austria and Slovakia imposed new lockdown rules as their respective case counts rebound. Belgium established a four-days-a-week telework mandate for everyone except essential workers. The Netherlands is forcing bars and restaurants to close at 8 pm, and the UK has already <a href="https://www.businessinsider.com/uk-travel-ban-variant-in-african-countries-b11529-11?utm_medium=ingest&amp;utm_source=markets">blocked flights from six African countries</a> to lower the odds of the new variants' transmission.The new restrictions echo those put in place at the start of the pandemic and at the onset of the Delta strain's spread. Lockdowns swiftly halted economic activity and dragged economies into self-inflicted recessions. Vaccines paved the way for reopenings, but COVID variants risk repeating the cycle and keeping countries from fully healing.To be sure, it's too early to tell whether the latest strain will prompt widespread lockdowns. The World Health Organization has said there are less than 100 genomic sequences of the new variant available, meaning it will take some time to study its differences. Existing vaccines could protect against the strain like they do against Delta, or they could be rendered useless.Dr. Anthony Fauci has said he <a href="https://www.businessinsider.com/new-coronavirus-variant-southern-africa-no-indication-in-us-fauci-2021-11">wants to see more research</a> on the strain before recommending new policies. The WHO and South African authorities are set to meet on Friday to discuss the variant.The market fallout also comes after stellar gains in recent weeks. The S&amp;P 500 sat near record highs when the market closed on Wednesday. With equities already boasting such lofty valuations, any negative development was likely to spark profit-taking.Still, the magnitude of the Friday slump shows investors already bracing for the worst. To them, news of the latest variant means a return to remote work, a need for new vaccines, and that reopening is now on hold. The <a href="https://www.businessinsider.com/homebody-economy-post-pandemic-world-consumer-spending-home-improvement-hobbies-2021-5">homebody economy</a> may have months or years to run yet.

Forget reopening. The new COVID variant has 'stay-at-home' stocks rebounding.

<ul class="summary-list"><li><keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">Bitcoin</keyword> lost 8% Friday to touch its lowest level in two months, as cryptos fell across the board.</li><li>The discovery of a new, potentially vaccine-resistant COVID-19 variant drove investors to dump riskier assets.</li><li>Metaverse-linked coins plunged, reversing a recent rally, as sand dropped 4.2% and mana lost 10.8%. </li></ul><a href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a>, <a href="https://markets.businessinsider.com/currencies/eth-usd">ether</a> and metaverse-linked coins <a href="https://markets.businessinsider.com/currencies/mana-usd">mana</a> and sand were all knocked down in a broad-based <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> sell-off Friday as worries about the impact of a new COVID-19 variant prompted investors to sell riskier assets. Leading cryptocurrency bitcoin fell 7.5% in 24 hours to hit $54,079 at 08:50 a.m. ET, according to CoinMarketCap data. But it was paring losses logged earlier, when it dropped to $53,625 — its lowest level since October 10. The token is now on track for its biggest one-day drop in two months.Scientists in South Africa said Thursday they had detected a <a href="https://www.businessinsider.com/scientists-track-covid-variant-high-number-mutation-botswana-south-africa-2021-11">new COVID-19 variant</a>, number B.1.1.529, that could be more transmissible and more resistant to current vaccines. In response, the <a href="https://www.businessinsider.com/uk-travel-ban-variant-in-african-countries-b11529-11">UK suspended flights</a> from six southern African countries and the <a href="https://www.businessinsider.com/europe-considers-southern-africa-flight-ban-new-coronavirus-variant-2021-11">EU said it is considering</a> a similar flight ban. The World Health Organization plans to hold a special meeting on the situation Friday, having already warned about the surge in global coronavirus cases earlier in the week.The moves spurred fears about new anti-pandemic restrictions and their impact on economic growth, which <a href="https://markets.businessinsider.com/news/stocks/stock-markets-today-futures-south-africa-covid-variant-rand-gold-2021-11">rattled global stock markets</a> as investors sought shelter in less risky assets. That tone was reflected in crypto <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword>, analysts said."Today's move shows that digital assets are susceptible to risk aversion hitting traditional markets," Freddie Evans, sales trader at digital asset broker <a href="https://www.globalblock.co.uk/">GlobalBlock</a> told Insider in an emailed note. "We have seen major global indices and other risk assets being hit over concern around the emergence of a new Covid variant in South Africa, which has in turn impacted bitcoin, causing $300 million to be liquidated within one hour," he said.Meanwhile, <keyword id="11892696" type="UNKNOWN" weightage="60" keywordseo="ethereum" source="Orion">ethereum</keyword>'s native token <keyword id="11896271" type="UNKNOWN" weightage="60" keywordseo="ether" source="Orion">ether</keyword> sank 9.5% in 24 hours to $4,027.06, but was also pulling back from a bigger loss. Earlier, it fell to $3,933, its lowest level since October 24. Among altcoins, solana's sol was down 10.8%, polkadot fell 12.5%, and cardano's ada lost 9.6% on the last 24 hours. As for meme coins, dogecoin shed 8.2%, while shiba inu fell 1.6%, according to CoinMarketCap data.Metaverse-linked tokens also took a hit, coming off gains logged this week on the back of <a href="https://markets.businessinsider.com/news/currencies/metaverse-crypto-tokens-rise-sandbox-launch-virtual-land-sales-decentraland-2021-11">positive news</a> such as digital property selling for <a href="https://markets.businessinsider.com/news/currencies/metaverse-crypto-digital-land-sold-axie-infinity-nft-decentraland-2021-11">millions of dollars</a>. Gaming platform Sandbox's sand token fell 2%, while virtual real estate provider Decentraland's mana token dropped 6.3%, according to CoinMarketCap. Despite the across-the-board declines for cryptocurrencies, not all market watchers were downbeat about the outlook for prices."For us at 21Shares, the fundamentals of the crypto verticals have not changed. We see the pace of innovation keeps moving forward and at an accelerated level," Eliézer Ndinga, research lead at the digital asset manager, said.

Bitcoin slides, metaverse coins hammered as fears about new COVID variant drive investors to dump crypto

<ul class="summary-list"><li><keyword id="11896879" type="UNKNOWN" weightage="60" keywordseo="oil" source="Orion">Oil</keyword> fell the most since April 2020 on Friday, as investors ditched riskier assets after the emergence of a new <keyword id="8764262" type="UNKNOWN" weightage="60" keywordseo="covid" source="Orion">Covid</keyword> variant.</li><li>Both Brent and WTI futures were heading for their largest one-day fall since late April last year.</li></ul>The discovery of a new, and possibly more contagious, variant of <keyword id="11893994" type="UNKNOWN" weightage="60" keywordseo="covid-19" source="Orion">Covid-19</keyword> sent oil plunging on Friday by the most since the depths of the coronavirus crisis last year, when crude prices fell below zero for the first time, as investors fretted about the impact to energy demand.Oil prices were already heading for a weekly loss, after the United States released some crude from its Strategic Petroleum Reserve to try to temper sky-high energy prices.But after South African scientists said <a href="https://www.businessinsider.com/scientists-track-covid-variant-high-number-mutation-botswana-south-africa-2021-11?utm_medium=ingest&amp;utm_source=markets">they had detected</a> small numbers of a new variant of COVID-19 that could prove more transmissible, investors dumped <keyword id="12107782" type="UNKNOWN" weightage="60" keywordseo="crude-oil" source="Orion">crude oil</keyword> futures and equities on Friday in favor of perceived <a href="https://markets.businessinsider.com/news/stocks/stock-markets-today-futures-south-africa-covid-variant-rand-gold-2021-11">safe-haven assets.</a>The variant — called B.1.1.529 — has a "very unusual constellation" of mutations, meaning the body's immune response may not kick in and vaccines may be less effective against it, scientists told reporters at a news conference, according to <a href="https://www.reuters.com/business/healthcare-pharmaceuticals/south-africa-detects-new-covid-19-variant-small-numbers-2021-11-25/">Reuters</a>. The World Health Organization has called a special meeting Friday to discuss the new variant.The UK <a href="https://www.businessinsider.com/uk-travel-ban-variant-in-african-countries-b11529-11?utm_medium=ingest&amp;utm_source=markets">banned flights from six African countries</a> in response, underlining worries about the impact of the new variant on economic growth. In recent weeks, Europe was the focus of concern as COVID-19 cases surged, leading to lockdowns and restrictions in Austria, Italy and other countries. Earlier this week, the WHO warned the coronavirus could claim another 700,000 victims by March. <a href="https://markets.businessinsider.com/commodities/oil-price">Brent crude futures</a> were last down 10.5% on the day at $73.50 a barrel at 11:15 a.m. ET, set for their biggest one-day fall since late April 2020, when US crude prices tumbled into negative territory, while <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">West Texas Intermediate crude</a> dropped 11.9% $69.20 a barrel. "The SPR release we had earlier in the week was a small factor. But what really could have an impact is if we start to see another lockdown and thereby see demand getting hurt, because we can very, very quickly go from a very tight market to an oversupplied market," Saxo Bank commodities strategist Ole Hansen said on the bank's daily <a href="https://saxostrats.podbean.com/e/this-couldn-t-have-come-at-a-worse-time/">podcast</a> Friday."It just makes it that much more difficult for OPEC+ when they meet next Thursday," Hansen added.A number of other countries aside from the US are considering freeing up some strategic inventory of their own. But the Organization of the Petroleum Exporting Countries and its partners, such as Russia and Oman, have been wary of stepping up coordinated output increases, given that market watchers widely expect an overhang of unwanted fuel to develop next year. The group of major oil producers, which meets next week to discuss supply policy, has agreed to raise crude production by a joint 400,000 barrels a day a month. But given <keyword id="12241007" type="UNKNOWN" weightage="60" keywordseo="opec" source="Orion">OPEC</keyword> itself is highly cautious on the demand outlook, it's unlikely to increase the pace, especially now in light of a new variant that could threaten activity such as air travel. Commerzbank noted that OPEC's advisory board believes the surplus could grow in February to as much as 3.7 million barrels a day."This could prompt OPEC+ at its meeting next week to decide not to step up its oil production any further in January and to consider expanding supply by a smaller amount in the months thereafter," strategist Carsten Fritsch said in a note.

Oil plunges by the most since April 2020 after new Covid variant heightens fears over global demand outlook

<ul class="summary-list"><li>Global stocks are cratering after a new, highly mutated COVID variant was discovered in South Africa.</li><li>Analysts said volatility would be worsened by poor liquidity, with US trading limited by Thanksgiving.</li></ul>Global stocks are <a href="https://markets.businessinsider.com/news/stocks/stock-markets-today-futures-south-africa-covid-variant-rand-gold-2021-11">being hammered</a> on Friday after a new, heavily mutated COVID variant was identified in South Africa, causing countries to limit travel and sparking fears of another wave of cases.Scientists are <a href="https://www.businessinsider.com/scientists-track-covid-variant-high-number-mutation-botswana-south-africa-2021-11?utm_medium=ingest&amp;utm_source=markets">racing to find out</a> whether the new variant, called B.1.1.529, is more infectious or deadly than previous strains. South Africa has confirmed around 100 cases, but it's already been found as far away as Hong Kong and <a href="https://www.businessinsider.com/belgium-records-new-coronavirus-variant-europe-first-case-2021-11">Belgium</a>.Global investors are not liking what they're seeing. The <a href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500</a> was down 1.85% early in the Thanksgiving-shortened trading day. The <a href="https://markets.businessinsider.com/index/dow_jones">Dow Jones Industrial Average</a> dropped 1.9%, while the <a href="https://markets.businessinsider.com/index/nasdaq_composite">Nasdaq Composite</a> was 0.9% lower.In Europe, the continent-wide <a href="https://markets.businessinsider.com/index/stoxx_europe_600">Stoxx 600</a> tumbled 2.83%, after Tokyo's <a href="https://markets.businessinsider.com/index/nikkei_225">Nikkei 225</a> dropped 2.53% overnight. <a href="https://markets.businessinsider.com/commodities/oil-price">Oil prices</a> have cratered more than 5% as investors weigh the chances of more lockdowns and travel bans.Commerzbank analysts called it a "black Black Friday." Here's what others are saying as the new variant shakes <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword>.Poor liquidity is driving volatility"US equity futures shot lower from the moment they opened overnight on the new Covid variant news," said Steen Jakobsen, chief investment officer at Saxo Bank."Given poor liquidity today in the US, as many are away from their desks for a long holiday weekend and the market is only for a half session, any significant flows by traders looking to reduce risk could mean significant volatility."Markets are taking no chances"Investors are voting with their feet this morning," said Jeffrey Halley, senior market analyst at trading platform Oanda."The one bull in the china shop that could truly derail the global recovery has always been a new strain of <keyword id="11893994" type="UNKNOWN" weightage="60" keywordseo="covid-19" source="Orion">Covid-19</keyword> that swept the world and caused the re-imposition of mass social retractions."Markets are taking no chances, equities are falling, haven currencies such as the US <a href="https://markets.businessinsider.com/index/us-dollar-index">dollar</a>, Japanese <a href="https://markets.businessinsider.com/currencies/jpy-usd">yen</a> and Swiss <a href="https://markets.businessinsider.com/currencies/chf-usd">franc</a> are rallying... US <a href="https://markets.businessinsider.com/rates/u-s--rates-10-years">10-year bond</a> yields have moved sharply lower, and oil has slumped."Growth and central banks should provide cushion"With equity markets at all-time highs, thin year-end liquidity and COVID cases up again, a pull-back seems logical," said Emmanuel Cau, head of European equity strategy at Barclays."But we believe resilient growth and patient central banks should continue to provide cushion on a medium-term horizon, while investors have dry powder to buy dips."What is key is to find out whether current vaccines remain effective against the variants, or not. COVID uncertainty might force central banks to err on the side of caution."Travel industry hits violent storm"Fear has gripped the financial markets with the travel industry flying into another violent storm, after the discovery of a new COVID strain which could be far more contagious and may render vaccines less effective," said Susannah Streeter, senior investment and markets analyst at broker Hargreaves Lansdown."There are now fears that the highly mutated COVID strain discovered in states in Southern Africa will prompt fresh shutdowns."The decision by the UK government to <a href="https://www.businessinsider.com/uk-travel-ban-variant-in-african-countries-b11529-11">impose stringent quarantine rules</a> on six southern African countries within hours has severely rattled the travel and tourism industry."Read more: <a href="https://www.businessinsider.com/stock-market-bubble-when-will-it-pop-powell-fed-stifel-2021-11">Jay Powell's renomination as Fed chair will keep inflating a stock market bubble that is a systemic risk to the economy, Stifel's top strategist warns. He shows why stocks haven't been this overextended since 1929 or 1999 — and shares when he thinks the bubble will pop.</a>

'A black Black Friday': Here's what analysts are saying as global stocks plunge on fears about new COVID variant

London, Pharmaceutical company <keyword id="6409874" type="COMPANY" weightage="20" keywordseo="astrazeneca">AstraZeneca</keyword> said it could take between six to nine months to produce Covid-19 vaccines that are effective against new variants of the virus. A six-month turnaround for an updated vaccine would represent a vast improvement over traditional vaccine development timelines, The <keyword id="6359268" type="COMPANY" weightage="20" keywordseo="guardian">Guardian</keyword> reported on Thursday. "Work on the variants hasn't started today, it started weeks and months ago, as soon as those new variants were identified and... we are aiming to be in the clinic in the spring, with next generation vaccines for the new variants," said Sir Mene Pangalos, Executive Vice-President, BioPharmaceuticals R&amp;D at AstraZeneca. Pangalos added that the jabs could be available to the public by the autumn, assuming the regulatory bodies are satisfied with using studies into the body's immune response to the vaccine as the route to approval. The company's vaccine, developed jointly with the <keyword id="150557" type="COMPANY" weightage="20" keywordseo="University-of-Oxford">University of Oxford</keyword>, remains effective against the original virus and at least one variant, first discovered in <keyword id="92486" type="COMPANY" weightage="20" keywordseo="Kent">Kent</keyword>, England. But preliminary findings in a small-scale trial prompted South Africa to limit its use while it ascertains its efficacy against the variant that emerged there, the report said. A number of Covid vaccines have shown lower efficacy in trials where the South Africa variant predominates -- earlier this week preliminary trials revealed the <keyword id="9605255" type="COMPANY" weightage="20" keywordseo="oxford-astrazeneca">Oxford-AstraZeneca</keyword> jab provided little protection against mild to moderate infection, although it is still expected to protect against severe disease and death. It has recently emerged that some cases of the Kent variant have a mutation also found in the South African variant, a development that scientists have cautioned needs to be taken seriously, not least since the mutation -- known as E484K -- has been linked to the ability for the South African variant to evade protection offered by some current Covid vaccines, the report said. Panaglos said tests need to be carried out on the Kent variant with the E484K mutation.

Vaccine against new Covid variants may take 6-9 months: AstraZeneca

<ul class="summary-list"><li>Global equities tumbled Friday after a new variant of <keyword id="11893994" type="UNKNOWN" weightage="60" keywordseo="covid-19" source="Orion">COVID-19</keyword> that could prove more transmissible emerged in South Africa.</li><li>The South African rand plunged to a one-year low against the dollar, while <keyword id="12613558" type="UNKNOWN" weightage="60" keywordseo="safe-havens" source="Orion">safe havens</keyword> such as <keyword id="11896079" type="UNKNOWN" weightage="60" keywordseo="gold" source="Orion">gold</keyword> and the <keyword id="12613557" type="UNKNOWN" weightage="60" keywordseo="swiss-franc" source="Orion">Swiss franc</keyword> soared.</li></ul>Global shares tumbled Friday after the emergence of a new COVID-19 variant sent investors fleeing riskier assets, driving the South African rand to a one-year low, and lifting gold and other safe-havens.In European trading hours, <a href="https://markets.businessinsider.com/futures/dow-futures">Dow Jones futures</a> fell almost 900 points for a 2.3% drop, while those on the <a href="https://markets.businessinsider.com/futures/nasdaq-100-futures">Nasdaq 100</a> dropped 1.2%. <a href="https://markets.businessinsider.com/futures/s&amp;p-500-futures">S&amp;P 500 futures</a> were down 1.9% as of 11:00 a.m. ET, suggesting a weaker start to trading later in the day. US financial <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> were closed Thursday for Thanksgiving Day and will trade in a shortened session Friday.Measures of investor nervousness spiked. The <a href="https://markets.businessinsider.com/index/vix">VIX index</a> of volatility jumped by more than 40%, its largest one-day rise since late January when the Reddit-led short-squeeze roiled Wall Street. The <a href="https://markets.businessinsider.com/index/vdax">VDAX-New</a>, the European equivalent, rose 35%, marking its biggest one-day rise since the start of the pandemic in March last year. South African scientists said Thursday <a href="https://www.businessinsider.com/scientists-track-covid-variant-high-number-mutation-botswana-south-africa-2021-11">they had detected</a> small numbers of a new variant of COVID-19 that could prove more transmissible.The variant — called B.1.1.529 — has a "very unusual constellation" of mutations, meaning the body's immune response may not kick in and vaccines may be less effective against it, scientists told reporters at a news conference, according to <a href="https://www.reuters.com/business/healthcare-pharmaceuticals/south-africa-detects-new-covid-19-variant-small-numbers-2021-11-25/">Reuters</a>.The UK <a href="https://www.businessinsider.com/uk-travel-ban-variant-in-african-countries-b11529-11">banned flights from six African countries</a> and the <a href="https://www.businessinsider.com/europe-considers-southern-africa-flight-ban-new-coronavirus-variant-2021-11?r=US&amp;IR=T">EU is considering</a> an "emergency brake" flight ban on southern African countries, in response. Europe was already a focus of concern as COVID-19 cases surged, leading to lockdowns and restrictions in Austria, Italy and other countries. Earlier this week, the World Health Organization warned the <keyword id="11893194" type="UNKNOWN" weightage="60" keywordseo="coronavirus" source="Orion">coronavirus</keyword> could claim another 700,000 victims by March. The WHO will hold a special meeting Friday to discuss the new situation.With alarm bells sounding over the impact to the economy from another highly contagious variant, investors flocked to safe-haven assets. The <a href="https://markets.businessinsider.com/currencies/usd-chf">Swiss franc</a> jumped by the most against the dollar since the onset of the pandemic, up 1.2% on the day, while <a href="https://markets.businessinsider.com/commodities/gold-price">gold</a> rose 1.5% to $1,810 an ounce, breaking a five-day losing streak."A new and potentially dangerous COVID variant has prompted a wave of risk aversion across markets," strategists at online broker IG said in a daily note. "Heavy losses are expected across indices, although tech <keyword id="11893878" type="UNKNOWN" weightage="60" keywordseo="stocks" source="Orion">stocks</keyword> have remained less affected, at least so far," they added. The South African rand fell 1.5% to its lowest against the dollar in a year, while yields on benchmark 10-year South African government bonds shot up by 16 basis points to 9.89%, the highest since May 2020. South African bonds are less liquid and more volatile than US Treasurys, but yields were set for their biggest one-week rise in nine months.Asian stocks took a beating overnight, with Hong Kong's <a href="https://markets.businessinsider.com/index/hang_seng">Hang Seng</a> closing down 2.7%, Tokyo's <a href="https://markets.businessinsider.com/index/nikkei_225">Nikkei</a> falling 2.5%, and the <a href="https://markets.businessinsider.com/index/shanghai_composite">Shanghai Composite</a> falling 0.6%. "At this stage very little is known. Mutations are often less severe, so we shouldn't jump to conclusions but there is clearly a lot of concern about this one," Deutsche Bank strategist Jim Reid said in an early note."Suffice to say at this stage no one in markets will have any idea which way this will go," he said.European stocks traded in a sea of red, with the <a href="https://markets.businessinsider.com/index/stoxx_50">Stoxx 50</a> dropping 2.5%, the <a href="https://markets.businessinsider.com/index/ftse_100">FTSE 100</a> in London down 2.7%, and Frankfurt's <a href="https://markets.businessinsider.com/index/dax">DAX</a> falling 2.6%.

Global shares slammed by fears over new COVID variant, as Dow futures lose almost 900 points and South African rand hits 1-year low

<ul class="summary-list"><li>Airbnb expects a slowdown in growth next quarter and weakening US demand.</li><li>Shorter booking lead times and regulations in California impacted bookings, Airbnb's CFO said.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/millennial-subsidy-uber-airbnb-prices-surge-pricing-dynamic-2024-8">Airbnb</a> is the latest to deliver bad news about the US consumer in its latest earnings report on Tuesday.The company said it expects a "sequential moderation" in nights and experiences booked next quarter, with weakening demand from US customers as people book trips closer to travel dates rather than in advance."Latin America and Asia Pacific continue to be our fastest-growing regions," the report said. "However, we are seeing shorter booking lead times globally and some signs of slowing demand from US guests."Airbnb's chief financial officer, Ellie Mertz, attributed some of the shorter lead times to varying factors that could impact the booking timeframe, like the new COVID variant or war in Israel.In North America specifically, the CFO said there are a "handful of components" to the slowdown, also including shorter lead times. Mertz added that shorter lead times don't mean that people aren't booking trips — it just means they haven't booked them yet.The shift in lead times has also led some people to book shorter-term rentals, although people have continued to book larger and more expensive listings, the CFO said.Mertz also mentioned that the US has had some regulatory obstacles, especially in California, where the total price display and cancellation grace period went into effect on July 1. California's "Honest Pricing Law" <a target="_blank" class="" href="https://oag.ca.gov/hiddenfees#:~:text=Beginning%20July%201%2C%202024%2C%20the,government%20taxes%20and%20shipping%20costs.">makes it illegal</a> for businesses to list a price for a good or service without including "all required fees" aside from "certain government taxes and shipping costs.""We think that's been a little bit of a headwind to our California business," Mertz said, adding that the California bill includes both guests residing and traveling in the state.The news comes hot on the heels of lower-than-expected Azure revenue from Microsoft and <a target="_blank" class="" href="https://www.businessinsider.com/amazon-prices-rising-shoppers-cautious-economy-outlook-earnings-2024-8">missed sales from Amazon</a>. <a target="_blank" rel="" class="" href="https://www.businessinsider.com/amazon">Amazon's</a> finance chief attributed the slowdown to consumers being distracted by political events and the Olympics. He also mentioned that consumers were "cautious" and "looking for deals."Airbnb's results also come after a more sluggish US jobs report released Friday, triggering recession concerns. US Stocks dropped after the report in a dramatic three day decline, although they showed <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-today-selloff-economy-labor-market-fed-interest-rates-2024-8">some signs of a rebound on Tuesday</a>.Airbnb did not immediately respond to a request for comment from Business Insider.

Airbnb just dropped more bad news about the US consumer 

The <keyword id="43588" type="General" weightage="50" keywordseo="world-health-organization" source="Orion">World Health Organization</keyword> (WHO) warned that <keyword id="1334" type="General" weightage="80" keywordseo="china" source="Orion">China</keyword> is "under-representing the true impact" of the Covid-19 pandemic in the country, especially the exact number of deaths. In a statement on Wednesday, Michael Ryan, Executive Director of the WHO's Health Emergencies Programme, said: "We believe that definition (of a <keyword id="8764262" type="General" weightage="100" keywordseo="covid" source="Orion">Covid</keyword> death) is too narrow," the BBC reported. China's figures "under-represent the true impact of the disease in terms of hospital admissions, in terms of ICU admissions, and particularly in terms of deaths", he added. Amidst the ongoing outbreak, China has stopped publishing the single-day tallies for Covid-19 cases and deaths. In December 2022, the country changed the criteria for what constitutes a Covid death, meaning only those who die of respiratory illnesses are counted. In his statement, Ryan added that China had increased its engagement with the WHO in recent weeks, and said he looked forward to receiving "more comprehensive data", reports the BBC. But he also suggested individual healthworkers could report their own data and experiences. "We do not discourage doctors and nurses reporting these deaths and these cases. We have an open approach to be able to record the actual impact of disease in society," the top WHO official was quoted as saying The UK science data company Airfinity estimates more than two million Covid cases a day in China, and some 14,700 deaths. Since China lifted key parts of its "zero-Covid" strategy almost a month ago, there have been reports of hospitals and crematoriums being overwhelmed. More than a dozen nations, including India, have introduced travel restrictions on travellers from China -- a move criticised by Beijing as being politically motivated and threatened to retaliate. No new Covid variants have been detected in China, despite the surge in cases. However, the WHO has warned this could be due to a decrease in testing. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/tcs-infosys-wipro-and-other-it-companies-earnings-preview-for-q3-fy23/articleshow/96731891.cms">December quarter likely to be a weak one for the IT sector – Infosys amongst top analyst picks</a> <a href="https://www.businessinsider.in/business/startups/news/from-0-to-100-million-in-5-years-thats-how-long-startups-founded-in-2017-took-to-scale-up-says-redseer-report/articleshow/96739954.cms">From 0 to $100 million in 5 years – That’s how long startups founded in 2017 took to scale up, says Redseer report</a>

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