LONDON — As the new omicron Covid variant spreads around the world, hopes are being pinned on vaccine makers’ ability to develop effective shots against the strain.

Global market sentimentThe fear that Covid-19, the current vaccine against the new Omicron variant could not be as effective was the reason why Tuesday’s stock market plunged. On Friday, the World Health Organization designated this strain a “variant concern”.

Following the abrupt reversal in European stock futures and U.S. stocks, Moderna CEO Stephane Bancel told the Financial Times that he expects existing vaccines to be less effective against the new variant.

CNBC interviewed Bancel Monday to learn that the company could be taking over. months to develop and ship A vaccine targeted at the specific omicron mutation. It will be at most two weeks before we can determine the impact of mutations on vaccine efficacy.

There are more than 30 mutations in the spike protein binding to human cells that make up the omicron variant. According to WHO, some mutations can lead to higher transmission or decreased antibody protection.

On Monday, the UN Health Agency reiterated that this variant is still in flux and there were many unknowns.

First, scientists don’t know how transmissible this variant is. Second, they aren’t sure if an increase in infection is due to the fact that it escapes prior immunity.

Second, it is not clear how vaccines can protect against transmission of infection and severity of illness, as well as death, when it comes the omicron. Thirdly, the severity of symptoms caused by this variant is not known.

According to the WHO, it could take several weeks for scientists to determine how this variant might affect vaccines, diagnostics, and therapeutics.

Pfizer‘s CEO Albert Bourla said the impact of omicron on its own two-dose vaccine — which was developed with German biotech BioNTech and has been widely deployed in the U.S. and Europe — remains to be seen.

Bourla said Monday that she doesn’t believe vaccines will cause a vaccine-related death. She also stated, “It could happen, but we don’t know yet, vaccines protecting less.”

Bourla stated that Pfizer has already started work on a new vaccine. He said that Friday was the first step of the process to develop a new vaccine.

Bourla stated that the company had repeatedly made it clear that they would be able create the vaccine within 100 days. Bourla noted that vaccines were created quickly by the company for beta and delta versions. However, they weren’t needed because the original shots were still effective.

Johnson & Johnson AstraZenecaThey have produced effective and widely accessible Covid-19 vaccines. However, the AstraZeneca shot has not been approved in the U.S.

Rafael Bayarri Olmos, a researcher at the Copenhagen University Hospital, told CNBC on Tuesday that variants are “taking a toll” on how well Covid vaccines can prevent infection.

“Now we have omicron that has 32 mutations in the spike protein, some of them have been seen before and they are concerning — they can make the virus more transmissible, they can make them better at avoiding immune recognition, or avoiding your defenses — so we do expect that the vaccines won’t be so, so effective but that doesn’t mean they are not going to work,” he added.

They are one of the best tools we have now to stop this virus spreading.”

Omicron is now found in over a dozen countries. This has caused many to be concerned. impose travel restrictionsAdopt tighter Covid guidelines, like mandatory mask wear and the recommendation to people to work at home.

This is because many countries already have high levels of daily infection due to the global dominant delta variant.

The omicron variant has been linked with covid symptoms. “extremely mild” by the South African doctor who first spotted the new strain. The World Health Organization issued Monday warnings that the Omicron variant could spread and pose a global threat.

Francois Balloux, director of UCL Genetics Institute at University College London, stressed that very little is known about how contagious and deadly the variant is, compared to the delta variant.

He said that “What we are able to anticipate and what we feel quite certain about is the likelihood of this variant infecting or reinfecting people who have had their vaccinations” on Tuesday’s Squawk Box Europe.

“But in terms of intrinsic transmissibility, irrespective of the immune system, and its virulence we know, I would say, almost nothing at this stage … We Just have to wait before we can say.”

It is possible that the omicron virus could become more common than the common cold, although it may be less infectious.

Catherine Bennett, an epidemiologist at Deakin University, told The Sydney Morning Herald Monday that there is “a possibility that the virus may be more contagious and less severe than we currently see.” This would make it easier to live with the virus. We have all the signs it may be. [be]Okay, we have signals to indicate that this might be a concern.

Many countries don’t want to take chances, and they have announced an increase in Covid vaccinations, booster shot and other restrictive measures.

U.S. President Joe Biden is scheduled to speak Monday ruled out another lockdown and travel curbsIt has temporarily suspended travel to some southern African countries, but it is still in effect.

— CNBC’s Spencer Kimball contributed reporting to this story.