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Original title: The new crown vaccine was greatly boosted by the rise in the stock market
Financial News FX168 (London) On Monday (9th November), Pfizer’s vaccine news wowed the financial market. US stocks are expected to continue to rise after the market opens today.
According to Reuters, US pharmaceutical manufacturer Pfizer said that according to preliminary data from a large study, its experimental vaccine is more than 90% effective in preventing new coronary pneumonia, which allows it to track future S&P 500 Index futures. Set a record.
Pfizer and its German partner BioNTech SE are the first drug manufacturers to show successful data from large-scale clinical trials of the novel coronavirus vaccine. The two companies said no serious security risks have been discovered so far and hope to obtain emergency use clearance from the United States later this month.
S&P 500 futures subsequently rose 3.78% and Dow futures 4.69%, nearly double the previous day’s gains. Nasdaq 100 futures also increased by 2%.
“This confirms the very important news and confirms market expectations that the economy and corporate earnings will be able to restore the growth pattern before the outbreak of the new corona epidemic,” said Andrea Cicione, director of strategy at TS Lombard.
European equity markets also recorded a strong rally. The German DAX index rose 5.8% and the French CAC index government reached 7%.
Craig Erlam, senior market analyst at OANDA Europe, said the news that Pfizer and BioNTech’s Covid-19 vaccine are over 90% effective brought “incredible relief” to financial markets.
“As the new corona epidemic has once again caused severe damage in Europe and the United States, Pfizer’s announcement has given us all hope. The company announced that Pfizer and BioNTech’s experimental vaccines are effective for more than 90% in the prevention of the new coronavirus. This will raise the US stock index.
“This is the news we have been waiting for. The company plans to use the emergency use authorization after reaching the safety milestone in late November, and no serious safety risks were found in the interim analysis. news claims Pfizer will produce 50 million doses in 2020. vaccine. “
“We have waited a long time and hope that more vaccines will join the ranks of Pfizer and BioNTech soon, so that we can break this vicious cycle of closing and cautious reopening, which is killing companies and causing unemployment. The rate has risen and increased. to a large extent the debt burden “.
“This is the light at the end of the tunnel. Watch the market reaction. This is an incredible relief.”
Oil prices have also soared, with Brent crude oil currently up 8% to $ 42.64 a barrel. Axi’s Stephen Innes said Pfizer’s vaccine announcement appears to be the “breakthrough panacea” the oil market has been waiting for.
He added: “The market has not only gained certainty from the US presidential election, it has also gained a boost from the latest vaccine news.”
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