Financial Markets Daily Report 04 December 2020
Yesterday's trading session was dominated by news that Pfizer had halved the amount of Covid-19 vaccines that it hoped to distribute in 2021 due to supply chain issues, which provoked a late-afternoon sell-off in the S&P 500 which closed 0.1% lower on the day.
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- Yesterday's trading session was dominated by news that Pfizer had halved the amount of Covid-19 vaccines that it hoped to distribute in 2021 due to supply chain issues, which provoked a late-afternoon sell-off in the S&P 500 which closed 0.1% lower on the day.
- Meanwhile, nearing prospects of further fiscal stimulus in the US, after Republican senate majority leader Mitch McConnell said that a deal was "within reach", weighed on the dollar, which was down 0.2%.
- In Europe, sovereign yields edged down and the Eurostoxx50 was down 0.1% as IHS Markit's PMI for the eurozone signalled a contraction in November for the first time in five months.
- The sterling pound lost 0.2% against the euro as Macron toughened his stance on fishing rights in Brexit negotiations.
- Finally, Opec and Russia agreed to raise oil supply from January, and the barrel of Brent gained 1% to reach $48.7.