Markets were mostly flat on Friday, as Pfizer and BioNTech announced that they would be applying for emergency authorization from the FDA for their coronavirus vaccine.

The approval process is expected to take several weeks, if not months. The first step will be an advisory meeting to review the vaccine, this has been scheduled for early December.

Providing the application is successful, many believe that the vaccine will likely be released in phases.

As of writing the S&P 500 was down 0.27%.

British retail sales continue to rise

Despite being under lockdown restrictions, data released in the UK today showed that Retail Sales have once again increased.

The data from the Office for National Statistics showed that sales volumes last month were 1.2% higher than in September. This is the sixth consecutive month retail sales have risen.

Online sales were the biggest contributor to October’s growth, rising by 52.8% as in-store sales dropped by 3.3%. This came as shops gradually closed as national lockdowns were enforced.

Mnuchin keen to restart Stimulus Talks

Prior to the U.S. elections, it looked as though a Stimulus deal would finally be reached, however after failing to come to an agreement earlier this month, talks had since stalled.

However today, Treasury Secretary Steven Mnuchin stated that he will try to revive talks with Democrats.

Earlier today he stated, “We are going to come up with a plan to sit down with Pelosi and Schumer and try to get a targeted bill done for the people that really need it, and hopefully the Democrats will work with us and hopefully that will get done”.

This is the first sign of possible movement on the relief bill since it was confirmed that Joe Biden won the U.S. Presidential election.

Quote of the day – “Do not be embarrassed by your failures, learn from them and start again.”

Richard Branson

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Eliman Dambell

Senior Market Analyst