U.K. Buying Time; Mideast Stocks Nosedive: Virus Update

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Bloomberg News

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The U.K. health secretary says steps taken in response to the discovery of two omicron cases will buy scientists some time to figure out a response to the new coronavirus variant. But the country is “not there yet” when it comes to more draconian restrictions, Sajid David said on Sky News.

Mideast stocks plummeted on the prospects of the new variant crimping air travel and prompting lockdowns. Dubai’s benchmark gauge dropped the most, suffering its sharpest loss since March 2020. Saudi Arabia’s main index fell the most since October 2020.

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China would face a “colossal outbreak” of Covid-19 on a scale beyond anything experienced elsewhere if it were to reopen in a similar manner to the U.S., according to researchers at Peking University. The country also is confronting new infections in the Inner Mongolia region near Russia.

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Mideast Stocks Nosedive After Oil Slump (6:08 NY)

Middle East stocks are taking their cue from last week’s global sell-off as the emergence of a worrying new coronavirus variant reverberates through markets, sending every major index into retreat.

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Coming in the wake of Friday’s worldwide slump, the declines across the energy-rich markets of the Gulf threaten to undo some of the gains made this year amid a flurry of initial public offerings and a rally in oil prices. Brent, the benchmark grade for more than half the world’s oil, lost almost 12% Friday on concern the new Covid variant will crimp air travel and usher in fresh lockdowns.

Scotland Restrictions Looming: Sturgeon (5:51 a.m. NY)

Scottish First Minister Nicola Sturgeon warned that additional travel restrictions may be needed to combat the spread of the omicron variant of Covid-19, which made its way into the U.K.

“We might have to go further on restricting travel in the days to come,” the leader of Scotland’s semi-autonomous government said. Advising against traveling across the border with England would be a last resort, but “we need to be open-minded to doing anything to keep the population safe.”

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The Scottish government, which is responsible for health, has diverged from England in its response to the pandemic, maintaining a requirement for face coverings and working from home when those rules were lifted elsewhere, and imposing stricter rules on movement and social interaction.

Philippines Imposes Europe Travel Curbs (5:16 a.m. NY)

The Philippines won’t welcome travelers from some European countries for the next several weeks.

Travelers who have been to Austria, Belgium, Czech Republic, Hungary, Italy, Netherlands and Switzerland in the past 14 days aren’t allowed entry until at least Dec. 15, Cabinet Secretary Karlo Nograles said in a statement. The Philippines earlier blocked the arrivals of travelers from some southern African countries.

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China Detects Covid Flareup at Border (5:17 a.m. NY)

China’s Inner Mongolia region confirmed 19 local Covid-19 cases as of Sunday afternoon, according to a report by CCTV. One asymptomatic case was reported. The National Health Commission sent a work group to the region to guide the virus control work, the state-run broadcaster said.

The report comes a day after Manzhouli, a city in the northern region bordering Russia, detected three asymptomatic infections. The broader Hulun Buir region, which governs Manzhouli, is now looking for people that have been to the border town in the past two weeks and will place them under quarantine for 14 days and test them five times for Covid, according to the local government’s website.

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U.K.: Omicron Steps Buy ‘Precious Weeks’ (5:50 p.m. HK)

Steps taken after the discovery of the new coronavirus variant in the U.K. will buy scientists “precious weeks” to evaluate the strain, Health Secretary Sajid Javid said.

But the U.K. is still “not there yet” on the need for more draconian rules, which Javid said “carry a very heavy price” in terms of mental health and other effects. Javid spoke on Sky News a day after British Prime Minister Boris Johnson announced measures to confront the spread of omicron since two cases were identified in people who traveled from southern Africa. 

Europe Starts Restricting U.K. Travelers (5:42 p.m. HK)

Countries across Europe are tightening travel requirements for the U.K. as suspected omicron cases rapidly emerge.

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Beginning Dec. 1, Spain will only accept travelers from the U.K. who can show proof of vaccination. Also, passengers coming from countries deemed to be at high risk of the new variant are required to produce a negative test, even if they have a vaccine certificate, according to an order published in the government gazette.

The moves come after Switzerland started requiring passengers coming from the U.K. to show proof of vaccination and negative Covid-19 tests upon arrival. 

Swiss Favor Mandatory Vaccine (5:23 p.m. HK)

More than half the Swiss population, or 53.1%, favors a mandatory Covid-19 vaccine, according to a poll for the SonntagsBlick newspaper. Plus, almost two-thirds of the 1,003 people questioned support imposing further restrictions on the unvaccinated.

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The results come as voters decide Sunday whether measures the government took to help fight the pandemic, including the Covid certificate, are here to stay. The passes — which show if someone has been vaccinated, tested or has recovered from the coronavirus — have provoked occasionally violent demonstrations.

Australia Confirms Omicron in Two Travelers (2:19 p.m. HK)

Two people in Australia’s New South Wales state have tested positive for the omicron variant, the state government confirmed. Both had arrived in Sydney from southern Africa on Saturday evening, and are fully vaccinated and asymptomatic.

Earlier Sunday, NSW reported 185 new Covid cases in the previous 24 hours. Victoria state reported 1,061 cases.

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China Faces ‘Colossal Outbreak’ on U.S.-Style Reopening (2:07 p.m. HK)

China would face a “colossal outbreak” on a scale beyond anything any other country has yet seen, if it were to reopen in a similar manner to the U.S., according to a prediction based on statistical modeling by researchers at Beijing’s prestigious Peking University.

A switch from China’s current Covid elimination strategy to an American-style approach with few restrictions would lead to as many as 637,155 infections a day, according to the study, which was published by the Chinese Center for Disease Control and Prevention on Nov. 24. That would be the largest daily figure reported by any country since the start of the pandemic.

Singapore Says Curbs Could Return (10:50 a.m. HK)

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Singapore is watching the impact of the omicron variant “very closely” and may be forced to roll back some easing measures it had taken to open up the economy, according to Prime Minister Lee Hsien Loong. The island has been easing border restrictions as part of a wider plan to take an endemic approach to the virus, similar to that of many other countries.

“We are not sure yet, but we may be well be forced to take a few steps back before we can take more steps forward,” Lee said in a speech on Sunday. “But despite all this, I’m confident we will find a way to living with the virus and safely resume all the things we love to do.” 

Germany Covid-19 Deaths Rise to 100,883 (10:42 a.m. HK)

Germany’s Covid-19 deaths increased 104 to a total of 100,883. The nation’s new infections were 44,401 versus 67,125 the prior day, while its 7-day increase climbed to 446.7 per 100,000.

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Sinovac Evaluates Shot Against Omicron (10:28 a.m. HK)

Chinese vaccine maker Sinovac will evaluate how its inactivated Covid vaccine works against omicron, according to a statement from the company. It said it’s able to rapidly advance development of a new shot against the variant and massive manufacturing if needed.

Japan to Tighten Border Control: Yomiuri (8:07 a.m. HK)

Japan will add three more African nations to its border control due to concerns over omicron, Yomiuri newspaper reported Sunday, citing Prime Minister Fumio Kishida.

Kishida told reporters Saturday the government will impose stricter controls on arrivals from Mozambique, Malawi and Zambia on top of South Africa and five neighboring countries, according to the report. 

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Israel to Ban Foreigners From Entering (7:35 a.m. HK)

Israel’s coronavirus cabinet approved measures to prevent the spread of the omicron variant late Saturday, including stopping foreign nationals from entering the country for 14 days, according to a government statement.

Ministers also expanded mandatory quarantine for vaccinated Israelis arriving from abroad and gave the country’s security agency clearance to resume tracking infected people, it added.

Germany, Italy Report Cases (7 a.m. HK)

Germany and Italy identified cases of the variant, while Belgium also had a new infection in someone who traveled from abroad. Denmark and the Czech Republic also reported likely omicron cases.

In Italy, the variant was confirmed by Sacco hospital in Milan, Associated Press reported. The country’s Health Ministry earlier identified a possible case in a traveler returning from Mozambique. 

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In Germany, the Max von Pettenkofer Institute in Munich said the variant was confirmed in two travelers who arrived from South Africa, DPA reported. Earlier, the Hessian Ministry for Social Affairs said a person who arrived in Frankfurt from South Africa was suspected of having the variant. 

N.Y. to Offer Boosters at Nursing Homes (6:30 a.m. HK)

A day after declaring a state of emergency for New York, Governor Kathy Hochul is ordering nursing homes and adult-care facilities to make boosters available to all residents after hospitalizations across the state jumped 20% in the past week.

The governor on Saturday reported 2,696 people in hospitals because of the virus, up from 2,249 a week earlier.

Several parts of the state are reporting high positivity rates: 10.2% in western New York; 9.4% in the Finger Lakes; and 9.3% in Mohawk Valley. New York City’s rate, which is the state’s lowest, edged up to 1.69% from 1.65% overnight.

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U.S. Praises South Africa’s ‘Transparency’ (4:10 p.m. NY)

U.S. Secretary of State Antony Blinken praised South African scientists for quickly identifying the latest Covid-19 virus variant and the country’s government for “its transparency in sharing this information.”

Blinken made the comments in a phone call Saturday with South African Foreign Minister Naledi Pandor. During the conversation, both diplomats emphasized the need for cooperation to vaccinate more people in Africa, State Department spokesman Ned Price said in a statement.

Israel Has Omicron Cases From Non-Travelers (2:30 p.m. NY)

Israel has three new suspected cases of the omicron variant from people who didn’t travel abroad recently, according to the country’s health ministry. Another four people were suspected but they returned from abroad.

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Of the seven in total, three were classified as vaccinated. Israel already has a confirmed case from someone who recently traveled from Malawi.

Middle East Begins Shutting Down to Africa (1:45 p.m. NY)

Following the U.S. and Europe’s lead, Middle Eastern countries started to cancel flights from southern African countries. Major Arab airlines, including Qatar Airways and EgyptAir, also stopped accepting passengers flying from affected countries.

Fauci Not Surprised If Variant in U.S. Already (11:37 a.m. NY)

Anthony Fauci, President Joe Biden’s chief medical adviser, said Covid-19’s omicron variant may already be in the U.S.

“I would not be surprised if it is,” Fauci said on NBC’s “Weekend Today” Saturday. “We have not detected yet,” but when a virus shows “this degree of transmissibility” it “almost invariably, ultimately, is going to go essentially all over,” he said.

While it’s “conceivable” the latest variant may diminish vaccine protection against Covid-19, existing vaccinations may be able to contain it, Fauci said.

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