U.S. markets opened higher on Monday, after it was announced that the FDA had granted Pfizer the authorization to distribute its COVID-19 vaccine.
After agreeing to grant emergency approval to the drug maker on Friday, a rollout of the vaccine began today, with President Trump tweeting his approval of the milestone. He stated that, “First Vaccine Administered. Congratulations USA! Congratulations WORLD!”
The U.S. vaccination programme aims to reach 100 million people by April. As of writing both the Dow Jones and S&P 500 were marginally up on the news.
Barnier hopeful of “path” to Brexit deal
With just over two weeks to go before the deadline for the UK and EU to reach a Brexit trade deal, markets received a glimmer of hope from Europe’s chief negotiator.
Michel Barnier today stated that, “There might now be a narrow path to an agreement visible – if negotiators can clear the remaining hurdles in the next few days”.
The DAX was up close to 1% on Monday on the news, with UK’s FTSE 100 as it was announced that London will be moved into tier 3 lockdown restrictions.
Markets now wait to see if any significant progress could be made this week, increasing the odds of a deal.
Oil prices fall as OPEC lowers demand forecast
Oil prices fell briefly today as it was announced that OPEC had amended its demand forecast for next year.
According to the Organisation of Petroleum Exporting Countries, demand will rise by close to 5.90 million barrels per day in 2021.
This will come to a total of 95.89 million bpd, which is less than the 350,000 barrels per day expected a month ago. Prices of WTI Crude fell to an intraday low of $45.68 on the news.
Quote of the day – “If you can learn to create a state of mind that is not affected by the market’s behaviour, the struggle will cease to exist.”Mark Douglas
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Senior Market Analyst