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Vaccine Hopes Drive Markets Higher, Mixed Early Performance From Pound

Published 02/07/2020, 09:21
Updated 21/10/2020, 09:15

On the morning of a rare nonfarm Thursday – the US markets are off on Friday ahead of Independence Day – Europe rallied on the back of yesterday’s positive vaccine update from Pfizer (NYSE:PFE) and BioNTech.

That report – which covers a vaccine still in its early, early days – seems to have countered the latest record high one-day case increase from the US, with 50,000 further covid-19 infections announced on Wednesday.

The FTSE stuck its nose across 6200 following a 0.9% increase, after its gains were initially limited by a strong start from the pound. Sterling had been up 0.4% against the dollar and 0.3% against the euro on (perhaps naïve) hopes a Brexit deal or delay will be agreed, only to see its performance quickly cut to 0.2% and -0.1% respectively. That as Boris Johnson blamed the European Union for a key trade talk deadline being missed, with the EU pointing an accusatory finger right back at the UK.

Surging ahead of the FTSE, the DAX drove 250 points higher after the bell, leaving it a whisker away from 12500, the top end of its recent movements. The CAC wasn’t too far behind, climbing 1.7% to 4985.

As for the Dow Jones, it is currently planning for a 160 point rise when trading gets underway stateside, though both June’s nonfarm jobs report and the latest unemployment claims reading stand in its way.

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