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Last week we found out that Pfizer and Germany’s BioNTech vaccine is +90% effective, giving markets and the economy something to feel good about. The next in the line is Moderna, which is expected to publishing the first results of the crucial late-stage clinical trial for mRNA-1273 this week. In the last press release, Moderna said it has finalized the collection of data for the first interim analysis of the phase 3 trial. Even though, we find it important to mention that the actual deployment of a vaccine will take time and most probably we won’t see it reaching critical mass up until mid-2021. Additionally, drug authorities should still give it the green light.
Either way, markets are buying the news pushing major stock indexes up the sky with S&P 500 growing more than 2%, the DJI gaining more than 4% in a week, UKX increasing almost 7% and IBEX literally skyrocketing 13,29%. However, not every sector won from the vaccine news. In particular, the NASDAQ fell almost 1% as a rotation began from tech stocks towards other areas of the equity market. Airlines were one of the top gainers in the week with United Airlines, Delta Air Lines, and American Airlines growing over 15%, International Airlines Group surging 25%, and Rolls-Royce improving 44%.
Nevertheless, the pandemic is far from over. McDonald’s, for example, is putting new COVID measures in place to combat what it internally says could be the worst stage of the pandemic yet. According to Economy Minister Peter Altmaier, germans should brace for another 4-5 months of severe measures to halt the rise in coronavirus infections and should not expect the current rules to be eased quickly.
Talking about the US elections, Biden is now officially declared the winner, even though it doesn’t mean Donald Trump will throw in the towel. According to NBC news, he will never concede that he lost re-election, even after votes are certified in battleground states over the coming weeks.
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