"Taking no chances" Investors abandon travel stocks and seek safe havens as new, highly-mutated COVID variant spooks markets. Stocks tumbled and investors flocked to safe havens on Friday as fear spread about a new COVID-19 variant from South Africa. The strain may be more transmissible and more resistant to vaccines than previous versions because of its unusually high number of mutations.
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The downward moves came after World Health Organization officials on Thursday warned of a new Covid-19 variant that’s been detected in South Africa. The new variant contains more mutations to the spike protein, the component of the virus that binds to cells, than the highly contagious delta variant. Because of these mutations, scientists fear it could have increased resistance to vaccines, though WHO said further investigation is needed. On Friday, the WHO deemed the new strain a variant of concern and named it omicron.
The United Kingdom temporarily suspended flights from six African countries due to the variant. Israel barred travel to several nations after reporting one case in a traveler. Two cases were identified in Hong Kong. Belgium also confirmed a case.
“When I read that there’s one [case] in Belgium and one in Botswana, we’re going to wake up next week and find one in this country. And I’m not going to recommend anyone buy anything today until we’re sure that isn’t going to happen, and I can’t be sure that it won’t,” CNBC’s Jim Cramer said.
Boeing, airline stocks tumble as new Covid variant spurs travel curbs
The U.K. said it would suspend flights from South Africa and surrounding countries because of the new variant.
European Union member nations on Friday agreed to suspend travel from the region.
Airlines and aircraft manufacturers like Boeing have been upbeat about a rebound in travel demand, particularly after the U.S. lifted entry restrictions earlier this month.