European markets are in the red while Asian stocks are mixed, following big losses overnight on Wall Street. The Dow Jones and S-and-P 500 indices were both down a percent, while the Nasdaq fell more than 1-point-8 percent. The sell-off was triggered by reports of the first case of the Omicron variant in the U-S. That's raised fears that the more infectious coronavirus strain may already be spreading in the world's largest economy.

Craig Erlam joined us. He's a senior market analyst at OANDA in London.

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