How European Stocks Reacted to Covid’s New Variant

European stocks rose on Wednesday, with investors analyzing the latest information around the omicron Covid variant.

The pan-European Stoxx 600 gained 0.2% by early afternoon, paring earlier gains, with healthcare stocks gaining 1.2% while retail fell 0.9%.

The positive trade in the region came after a strong session on Tuesday. This week, Pfizer’s CEO Albert Bourla said the omicron variant appears milder than previous strains. Still, this variant also seems to spread faster and could lead to more mutations in the future.

On Tuesday, scientists from South Africa said that omicron significantly reduces the antibody protection generated by Pfizer’s vaccine. Nonetheless, according to South African scientists, patients who recovered from the virus and received a booster shot will likely have more protection from the severe disease.

Stocks in Asia-Pacific

Mainland Chinese stocks jumped on Wednesday. The Shanghai Composite added 1.18% to end its trading day at 3,637.57. The Shenzhen component gained 1.82% to close at 14,964.46. The CSI index advanced 1.5% to 4,995.93. The Chinext composite gained about 1.75% to 3,701.93.

In Hong Kong, the Hang Seng index hovered near the flatline during the last hour of trade.

On Wednesday, Weibo made its market debut in Hong Kong in its secondary listing at an offer price of $272 Hong Kong dollars per share. Its shares opened 6% lower at 256.20 Hong Kong dollars. At some point, the cost of Weibo’s shares fell as low as 253.20 Hong Kong dollars.

In Japan, the Nikkei 225 advanced 1.42% to finish its trading day at 28,860.62. The Topix added 0.62% to 2,002.24. The country’s economy shrank 3.6% in the year’s third quarter.

South Korea’s Kospi added 0.34% to 3,00180. In Australia, the S&P/ASX 200 gained 1.25% to close at 7,405.40.