Oil and stock markets hit by Omicron worries and fears of faster Fed tapering – as it happened

Rolling coverage of the latest economic and financial news

• Latest: Markets hit as Fed chair hints at faster end to stimulus
• Oil falls towards $70/barrel on fears of weak demand
• UK FTSE 100 dropped over 1% to seven-week low
• Introduction: Moderna CEO's comments worry markets
• Full story: Moderna boss predicts current vaccines may be less effective against Omicron
• Japan's Nikkei fells 1.6% today.
• Eurozone inflation highest since single currency began

The FTSE 100 is on track for its worst month in more than a year. with today's losses adding to Friday's tumble.

The index is down around 3% this month, the biggest drop since October 2020 (when it lost nearly 5%, just before successful vaccine trials sparked a global rally in November 2020).