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Global Stocks Profit from the Rumor
A breakthrough in the search for a coronavirus vaccine led most global indices higher yesterday. The US index rose by 0.68%, whilst the FTSE and the DAX both ended the session higher by almost 5%.
However, this jump could be short-lived as there is an element of false hope. Any type of antidote still has to pass many hurdles before it is fully licensed to be distributed to the public. The main factors are that it needs regulatory approval, and we still don’t know how long the immunity will last and who will get priority.
Profit takers will hover as news sinks in of a Biden victory to cap the US Presidential Election. Trump is not ready to concede just yet as he seeks recounts in most key swing states.
In addition, the current President has criticized Pfizer and the FDA for delaying the news release which could have boosted his campaign.
Euro Loses its 4-session Winning Streak
The euro ended Monday’s session 0.64% lower as market participants fa...
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