Financial Markets Daily Report 10 November 2020
Stock markets soared across the world on Monday as Pfizer and BioNTech announced a breakthrough in their development of a Covid-19 vaccine.
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- Stock markets soared across the world on Monday as Pfizer and BioNTech announced a breakthrough in their development of a Covid-19 vaccine.
- Eurostoxx50 rose 6.4% on the news, its best day since March, while the S&P 500 was up by 1.2%. Hotels, airlines and aeroplane manufacturers, three of the most affected sectors during the pandemic, were among the day's biggest winners. The Nasdaq Composite, however, which is composed of many tech stocks which have benefited from the Covid-19 crisis, was down 1.5%.
- In sovereign bond markets, yields rose and curves steepened on hopes that central banks would not have to continue stimulating economies as much or as long as previously thought. Periphery spreads narrowed in Europe.
- Meanwhile, oil prices soared at the prospect of rising demand. The barrel of Brent gained 7.5% to reach $42.4.