World shares, US futures slip on worries over omicron risks

Associated Press

NEW YORK (AP) — World markets and U.S. futures have fallen as investors cautiously weigh how much damage the new omicron coronavirus variant may unleash on the global economy. Shares fell in Frankfurt, London and Paris after sinking in most Asian markets. 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. Fed Chair Jay Powell is set to appear before a Senate banking committee Tuesday, where he’ll tell lawmakers that the appearance of the new variant could slow the U.S. economy and hiring, while also raising uncertainty about inflation.