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European shares fall amid doubts about the effectiveness of vaccines against Omicron

European shares fell more than 1% on Tuesday after the pharmaceutical company Moderna raised doubts about the effectiveness of vaccines against Covid-19 disease in the face of Omicron, the new mutated strain of the Corona virus.

The pan-European Stoxx 600 index fell 1.5 percent to its lowest in nearly seven weeks. The German indices, the French CAC and the British Financial Times also fell by more than 1.5 percent.

Oil stocks tumbled 2.9 percent as crude prices fell, and banking shares fell 1.8 percent to their lowest in more than two months.

Travel stocks fell 2.7 percent.

Shares of Sweden-based car maker Volvo lost 3 percent after reporting a fall in quarterly operating profit and monthly sales volumes amid a global shortage in semiconductors.

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