The Oxford University said on Tuesday that there is no evidence so far that the vaccines will not provide high levels of protection against the severe diseases from the coronavirus Omicron variant, as reported by Reuters.

"We have the necessary tools and processes in place for rapid development of an updated covid-19 vaccine if it should be necessary," Oxford University further added.

Market reaction

These comments failed to help the market sentiment improve. As of writing, the UK's FTSE 100 Index was down 1.07% on a daily basis at 7,033.