New COVID variant leads to stock market plummet, air travel bans

By Raf Casert, Associated Press

BRUSSELS — The discovery of a new coronavirus variant sent a chill through much of the world Friday as nations raced to halt air travel, markets fell sharply and scientists held emergency meetings to weigh the exact risks, which were largely unknown.

Medical experts, including the World Health Organization, warned against any overreaction before the variant that originated in southern Africa was better understood. But a jittery world feared the worst nearly two years after COVID-19 emerged and triggered a pandemic that has killed more than 5 million people around the globe.

“We must move quickly and at the earliest possible moment,” British Health Secretary Sajid Javid told lawmakers.

There was no immediate indication whether the variant was more transmissible or causes more severe disease. As with other variants, some infected people display no symptoms, South African experts said.

Even though some of the genetic changes appear worrisome, it was unclear if the new variant would pose a significant public health threat. Some previous variants, like the beta variant, initially concerned scientists but did not spread very far.

The 27-nation European Union imposed a temporary ban on air travel from southern Africa, and stocks tumbled in Asia, Europe and the United States. The Dow Jones Industrial Average dropped more than 1,000 points. The S&P 500 index was down 2.3%, on pace for its worst day since February. The price of oil plunged nearly 12%.

“The last thing we need is to bring in a new variant that will cause even more problems,” German Health Minister Jens Spahn said. The member nations of the EU have experienced a massive spike in cases recently.

EU Commission President Ursula von der Leyen said flights will have to “be suspended until we have a clear understanding about the danger posed by this new variant, and travelers returning from this region should respect strict quarantine rules.”

She insisted on extreme caution, warning that “mutations could lead to the emergence and spread of even more concerning variants of the virus that could spread worldwide within a few months.”

Belgium became the first European Union country to announce a case of the variant.

“It’s a suspicious variant,” Health Minister Frank Vandenbroucke said. “We don’t know if it’s a very dangerous variant.”

It has yet to be detected in the United States, said Dr. Anthony Fauci, the U.S. government’s top infectious disease expert. Abroad, the variant “seems to be spreading at a reasonably rapid rate,” he told CNN. And although it may be more transmissible and resistant to vaccines than other variants, “we don’t know that for sure right now.”

Showing how complicated the spread of a variant can be, the Belgian case involved a traveler who returned to Belgium from Egypt on Nov. 11 but did not became sick with mild symptoms until Monday, according to professor Marc Van Ranst, who works for the scientific group…