European markets set to soar at the open despite global concern over omicron variant

European stocks are expected to start the new trading week far higher, despite concerns over the newly discovered omicron Covid variant.

The U.K.'s FTSE index is seen opening 97 points higher at 7,137, Germany's DAX 191 points higher at 15,437, France's CAC 40 up 99 points at 6,824, and Italy's FTSE MIB up 324 points at 26,167 according to data

European markets are set to soar at the open despite the World Health Organization's concerns about the omicron variant.

Scientists are still researching the variant, but the large number of mutations has raised alarm. The strain has an increased risk of reinfection according to the WHO.

The variant has been found in the U.K., Israel, Belgium, the Netherlands, Germany, Italy, Australia and Hong Kong, but not in the U.S.

Testing is already underway for vaccine makers to investigate omicron. Paul Burton, Moderna's Chief Medical Officer, said Sunday that a reformulated vaccine against the omicron variant could be ready early next year.