Another vaccine update, another market rally this Monday, as investors celebrated the latest progress report from AstraZeneca (LON:AZN).
At a glance, the headline from the University of Oxford trial seems a tad disappointing. The study showed an average 70.4% efficacy compared to the 90% and 95% of the Pfizer (NYSE:PFE) and Moderna preparations respectively.
However, dig into the numbers and things look brighter – a half dose produced 90% efficacy when followed by a full dose at least once a month later. Two doses at least one month apart, on the other hand, saw 62% efficacy, hence the average of 70.4%.
Whichever way you slice it, the science is continuing to move in the right direction, with 3 major vaccines almost ready to go. Pfizer seems first in line, with The Telegraph reporting that the company’s joint venture with BioNTech SE (NASDAQ:BNTX) could be given UK regulatory approval this week – that’d be before the US, where the FDA won’t meet until December 10th to discuss authorisation.
While nowhere near as explosive as the growth that greeted that first Pfizer/BioNTech headline, Europe nevertheless looked healthy on Monday. The DAX jumped 150 points, or 1.2%, to 13,275, with a 0.8% increase for the CAC putting it at 5,530.
The FTSE could only add half a percent after the bell, leaving it 20 or so points short of 6,400. That’s because the pound was making its own headway this Monday, climbing 0.6% against the dollar and 0.5% against the euro as reports suggest both the UK and EU believe a Brexit deal is within reach before the deadline on December 1st. Boris Johnson is now set to step in and help get rid of any final obstacles in discussions with European Commission head Ursula von der Leyen.
After pulling back in the 2nd half of last week – Trump’s refusal to concede, his continued legal heckling, and an out of control covid-19 situation stateside all contributed – the Dow Jones is hoping to add 200 points when the bell rings on Wall Street.
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