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A small study of people hospitalized during the current outbreak of the Omicron variant of coronavirus in South Africa found a pattern of milder illness than in previous waves of Covid-19, though the authors, and scientists more broadly, cautioned that it is too early to say for sure if the new fast-spreading strain is less virulent than its predecessors.

In the U.S., federal regulators said Sunday that the Food and Drug Administration is already in conversations about streamlining authorization of revamped vaccines if necessary in response to the new variant. "The FDA will move swiftly and CDC will move swiftly after," Centers for Disease Control and Prevention Director Rochelle Walensky said on ABC's "This Week with George Stephanopoulos," adding that "we're everyday hearing about more and more cases."

Dr. Walensky said the new variant has been identified in about 15 states, but regulators are hopeful that vaccines can work to prevent severe disease and keep people out of the hospital.

U.S. Plans to Fast-Track Revamped Covid-19 Vaccines

The Biden administration is preparing to fast-track authorization of revamped Covid-19 vaccines to combat Omicron as a study from South Africa suggests the fast-spreading variant might cause less severe illness than its predecessors.

Federal regulators on Sunday said cases have been identified in 16 states and that the Food and Drug Administration is already in conversations about streamlining authorization for revamped vaccines. Agency officials have met with vaccine makers and are working to set guidelines for the type of data that will be needed to swiftly evaluate the safety and efficacy of changes to current vaccines.

Chinese Tariffs Fuel Boom in U.S. Trade With Tech Exporter Taiwan

U.S. trade with Taiwan is booming, as the self-governing island cashes in on surging demand for its computer chips and lures factories back from China, where many exports to the U.S. including electronics are subject to 25% tariffs.

Taiwan is now ranked No. 8 globally in trade with the U.S., just behind the U.K. and ahead of Vietnam. It exported a record $72 billion in goods to the U.S. in the 12 months through September. That is up about 70% since 2017, the year before the Trump administration imposed the Chinese tariffs.

Bitcoin Price Tumbles After Wall Street Selloff

Bitcoin and other cryptocurrencies had a roller-coaster weekend, another sign that investors are pulling back from riskier bets after last week's stock-market selloff.

Bitcoin, the largest cryptocurrency by market value, plunged more than 20% to $42,000 at midnight Eastern Time on Saturday before bouncing back somewhat, according to data from CoinDesk. It was trading around $49,200 on Sunday evening, still down about 8% since late Friday and down about 14% since the start of the month.

Bitcoin Buyers Flock to Investment Clubs to Learn Rules of the Road

Shalair Armstrong has a busy life. She runs two chiropractic offices in Boston. She has a teenage son. Still, every weekday morning she makes time to buy some bitcoin within earshot of hundreds of strangers.

Dr. Armstrong hosts a "room" in the audio social-media channel Clubhouse called "WakeUp With Bitcoin." Some mornings, listeners can hear her dog barking. It's a far cry from sitting in an office with your broker.

Russia, India to Reinforce Defense Ties as U.S. Considers Sanctions

Russian President Vladimir Putin is expected to extend his country's close defense ties with India this week on a visit that highlights the challenges facing the U.S. as it courts Indian assistance in countering China.

Mr. Putin and Indian Prime Minister Narendra Modi are expected to sign agreements including one extending military technical cooperation until 2031 and another to produce more than 500,000 Russian-designed rifles in India, according to officials involved in the visit.

China Seeks First Military Base on Africa's Atlantic Coast, U.S. Intelligence Finds

BATA, Equatorial Guinea-Classified American intelligence reports suggest China intends to establish its first permanent military presence on the Atlantic Ocean in the tiny Central African country of Equatorial Guinea, according to U.S. officials.

The officials declined to describe details of the secret intelligence findings. But they said the reports raise the prospect that Chinese warships would be able to rearm and refit opposite the East Coast of the U.S.-a threat that is setting off alarm bells at the White House and Pentagon.

Omicron's Spread Exposes South Africa's Vaccination Struggles, Public Distrust

JOHANNESBURG-South Africa's sputtering Covid-19 vaccine rollout, hampered first by dose shortages and more recently public distrust, has left many of its 60 million people potentially exposed as the new Omicron variant spreads across the country.

In recent days, more people have turned out to get their shots amid warnings from scientists and the World Health Organization about Omicron, which has driven a sharp increase in Covid-19 infections in the country's most populous province of Gauteng, home to Johannesburg, over the past two weeks.

Putin Troop Buildup Near Ukraine Raises Concerns of Potential 2022 Invasion, U.S. Officials Say

WASHINGTON-Russian President Vladimir Putin is amassing a force expected to total 175,000 troops near Russia's border with Ukraine, giving him the capability for a potential invasion of his neighbor by early 2022, administration officials said Friday.

The officials, citing new intelligence reports that include images from spy satellites, said the Russian military buildup differs markedly from an earlier massing of troops in the spring. When completed, they said, it will be twice the size of that previous buildup. In addition, Russia has embarked on a rapid mobilization of reservists.

China Evergrande Shares Fall After Warning on Possible Dollar Bond Defaults

China Evergrande Group's shares fell Monday, following the property developer's warning of possible cross-defaults on its dollar bonds after it was asked to repay a US$260 million debt obligation.

"In light of the current liquidity status of the group, there is no guarantee that the Group will have sufficient funds to continue to perform its financial obligations," Evergrande said in a statement late Friday.

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Expected Major Events for Monday

00:01/UK: CBI Economic Forecast

07:00/GER: Oct Manufacturing orders

07:00/GER: Oct Manufacturing turnover

08:00/CZE: 3Q Wages

08:00/CZE: Oct Retail trade

08:00/AUT: Nov Wholesale Price Index

08:30/SWE: 3Q Balance of Payments

09:00/ITA: Oct Retail Sales

09:00/UK: Nov UK monthly car registrations figures

09:30/UK: Nov CIPS / Markit Construction PMI

09:30/UK: 3Q Household Finance Review

10:00/GRE: 3Q Provisional GDP

16:59/SWI: 2Q Locational & Consolidated banking statistics

16:59/SWI: 3Q International debt securities statistics

16:59/SWI: 2Q Domestic debt securities statistics

16:59/SWI: 3Q Exchange-traded derivatives statistics

All times in GMT. Powered by Kantar Media and Dow Jones.

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This article is a text version of a Wall Street Journal newsletter published earlier today.

(END) Dow Jones Newswires

12-06-21 0051ET