European stock markets have fallen after the boss of Moderna cast doubts on the effectiveness of vaccines against the new Omicron Covid variant.

The Covid variant was first detected in South Africa, and the symptoms have been mild so far.

But travel restrictions have been imposed as a precaution by places including the UK, the EU and the US.

More than half of European destinations saw tourist arrivals decline. The European travel commission warned almost 9,000 travel industry jobs across the EU are at risk if restrictions return.

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