Asian stocks fall further after new virus variant spreads

By JOE McDONALD
AP Business Writer

BEIJING (AP) — Asian stock markets have fallen further after the omicron variant of the coronavirus was found in more countries and governments imposed travel controls. Tokyo, Shanghai, Hong Kong and Sydney declined, though losses were smaller than Friday’s declines following reports the variant first spotted in South Africa appeared to be spreading around the globe. It is unclear whether the omicron variant is more dangerous than earlier versions, though the World Health Organization called it “highly transmissible.”  Wall Street’s benchmark S&P 500 index fell 2.3% for its biggest drop since February. Oil prices rebounded from Friday’s plunge. Benchmark U.S. crude surged $3.70 to $71.85 per barrel in New York.