Asia-Pacific markets set for a muted session as investors assess omicron risks

"After a solid run in the previous two days, equities are taking a breather with European shares closing lower amid concerns over the need for a new round of covid restrictions," Rodrigo Catril, senior foreign-exchange strategist at the National Australia Bank, said in an early morning note.

Investors are keeping an eye on the omicron Covid variant, which has rattled markets in recent weeks.. Scientists worldwide are scrambling to determine just how contagious and lethal omicron is and how effective would existing vaccines be against the virus. While preliminary evidence from South Africa, where the variant was first identified, may suggest that omicron is milder than the delta strain, WHO's technical lead on Covid-19 says it is "too early to conclude" that.

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