Similar to last week, markets opened this Monday with the news that a COVID-19 vaccine was over 90% effective in treating the virus.
The news from Moderna said that data showed its coronavirus vaccine was more than 94.5% effective in preventing COVID-19. This saw markets around the globe rally, however at a slower pace than last week’s announcement from Pfizer.
In the United States, the benchmark S&P 500 index was up by 0.81% as of writing, whilst the Nikkei 225 in Japan climbed by over 2% to reach its highest level in 29 years.
Deadline for Brexit deal edges closer
With the Brexit deadline looming, many have labelled this a pivotal week for both parties, if a “no-deal” scenario is to be avoided.
The December deadline is 6 weeks away, however British and European Union negotiators continue to differ on several areas of the proposed deal. In a statement reading talks, a EU official stated that, “It’s getting terribly late and may be too late already (to strike a deal)”.
However Ireland, which is at the centre of the dispute, stated via its Foreign Minister that, “We are more likely to get a deal than not, purely because the consequences of not getting a deal are so significant and so costly for the UK and Ireland as it happens, and for some other EU countries”.
Markets now wait to see how the story progresses.
FTSE 100 hits 5-month high
The FTSE 100 reached a 5-month high today, despite the news that Prime Minister Boris Johnson was self-isolating after coming into contact with a person infected with COVID-19.
In a tweet confirming the situation, the PM stated that, “Hi folks, I’ve been instructed by our NHS Test & Trace scheme to self-isolate for two weeks, after being in contact with someone with Covid-19.
I’m in good health and have no symptoms, and will continue to lead on our response to the virus & our plans to #BuildBackBetter”
The FTSE was up 1.66%.
Quote of the day – It’s not whether you’re right or wrong that’s important, it’s how much money you make when you’re right and how much you lose when you’re wrong.”George Soros
To stay up to date with the markets we encourage traders to view our Trade Gate Hub for more real time insights into Crude, Gold and many other markets.
Senior Market Analyst