The Deutsche Bank report says even if Omicron does prove to be "less deadly", this could still be outweighed by a rise in "transmissibility", resulting in more overall "hospitalisations" and "deaths".
China has reported 21 new locally transmitted COVID-19 cases in the last 24 hours, amid the global threat of the new coronavirus variant "Omicron". China Reports 21 New COVID-19 Cases Amid ‘Omicron’ Threat.