While lacking the same pizazz as previous vaccine updates, Pfizer’s latest titbit helped heft the markets a bit higher on Wednesday.
After initially claiming that its preparation is 90% effective, Pfizer (NYSE:PFE) and BioNTech (NASDAQ:BNTX) have gone on to state that said effectiveness rises to 94% in adults over 65 years old.
Bar the progress report from something like the AstraZeneca-Oxford trial, this might be where we are at for the next few sessions at least in regards to vaccine news: small, reassuring headlines rather than explosive reveals.
The next major steps, i.e. those that could reignite the market’s recent rally, will be confirmation of FDA approval – which Pfizer is seeking ‘within days’ – and then a rollout date stateside, and around the rest of the world.
In response the Dow Jones added 60 or so points, popping its head back above 29,850, but lacking the energy to remount a challenge on the 30,000-plus intraday highs it struck following the first major Pfizer/BioNTech update, and the similar Moderna statement that followed.
Over in the Eurozone the DAX and CAC rose half a percent apiece, which is a major improvement on their completely inert opens. The German bourse is now knocking on the door of 13,200, with its French counterpart back the right side of 5,500.
As for the FTSE, its own 0.5% increase left it 10 points away from 6,400. It perhaps could’ve surpassed that level if it weren’t for the pound’s 0.3% gains against the dollar and euro alike, with sterling holding out hope that a Brexit deal can be reached between the UK and EU.
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