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Global shares and Oil prices sink on fears of new COVID variant

Global shares fell on Friday morning and the Dow Jones futures plunged almost 500 points over fears about the economic impact of the new variant of the COVID-19 outbreak.

Global shares and Oil prices sink on fears of new COVID variant

Global shares fell on Friday morning and the Dow Jones futures plunged almost 500 points over fears about the economic impact of the new variant of the COVID-19 outbreak. US Crude oil futures also fell more than 2% as investors become more worried about a resurgence in global infections of COVID-19 and tighter restrictions on demand for fuel.

The variant, which is being known as the B1.1.529 variant and it has been detected in South Africa. The variant has also been found in Botswana and Hong Kong in travellers from South Africa. The World Health Organization’s technical working group is to meet Friday to assess the new variant.

"This is the most significant variant we have encountered to date and urgent research is underway to learn more about its transmissibility, severity and vaccine-susceptibility," said Jenny Harries, chief executive of the UK Health Security Agency.

On Thursday, UK said it would ban travel from six southern African countries. "We are taking these precautionary measures to protect public health and the progress we’ve made so far through our successful vaccination programme." – UK government said.

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