Asia shares slip as investors weigh omicron economic risks

By YURI KAGEYAMA
AP Business Writer

TOKYO (AP) — Asian shares have fallen, with South Korea’s benchmark down 2.4%, as investors cautiously weigh how much damage the new omicron coronavirus variant may unleash on the global economy. Stocks also fell in Tokyo and Hong Kong but rose in Shanghai and Sydney. Analysts say a serious economic downturn likely can be averted because many people have been vaccinated, but a return to pre-pandemic levels of economic activity, especially in tourism, has been dramatically delayed. Relatively lower vaccination rates in parts of Asia are another concern. It remains unclear how effective existing vaccines might be against the omicron variant. Wall Street share prices steadied from last week’s slide.