Global Markets: Growth Following News of Second Potential COVID-19 Vaccine

Former Merck vaccine head on Covid-19 vaccine timeline

Global Markets: Growth Following News of Second Potential COVID-19 Vaccine

Investors are encouraged by news that Moderna vaccine is 94.5% effective

US and European markets rally on Monday amid news of yet another breakthrough in efforts to develop an effective vaccine against COVID-19.

The Dow Jones Industrial Average gained more than 1 percent in the middle of the day, climbing to an all-time high and approaching 30,000. The broader SP 500 Index gained about 1 percent..

Britain’s FTSE closed higher 1.7 percent, as did the CAC-40 in France. DAX index in Germany rose by half a percent.

European indices took off first and then leveled off.

Investors were encouraged by the news that an experimental vaccine from the American company Moderna showed an efficiency of almost 95 percent.

Pfizer and BioNTech reported 90% effectiveness of their vaccine last week.

Markets in the Asia-Pacific region also started the week with growth on the back of good economic news from Japan and China..

Japan’s Nikkei closed up 2 percent, Hong Kong’s Hang Seng added 0.8 percent and the Shanghai Composite – 1.1 percent. Australia’s SP / ASX rose 1.2 percent, South Korea’s KOSPI rose 1.9 percent, and Taiwan’s TSEC – by 2.1 percent.

The Japanese government on Monday announced that its GDP growth rate in the third quarter was 21 percent, while Beijing announced that its industrial production in October rose 6.9 percent from last year..

Gold is trading at $ 1,876.10, down 0.5 percent. American crude rose 4.3 percent to $ 41.87 a barrel, while Brent crude – up 3.7 percent to $ 44.40 a barrel.

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