18 12/20 18/12/2020

Latest Developments

Things are looking good on the vaccine front. The Pfizer/ BioNTech vaccine was approved for emergency use last week Friday. Other countries that approved the Pfizer/ BioNTech vaccine are Bahrain, Britain, Canada, Mexico, and Saudi Arabia. The FDA is also expected to approve the Moderna vaccine for emergency use later today after it was recommended by an FDA panel yesterday. According to experts, the U.S. can reach herd immunity as early as May 2021 depending on the people’s willingness to take the vaccine.

Markets started the week higher due to the Pfizer/ BioNTech vaccine distribution taking place in the U.S. after it was approved for emergency use. Value continued its outperformance this week. Optimism increased again surrounding the stimulus talks in the U.S. and sent the U.S. and European markets higher. On Wednesday the Fed (U.S. Central Bank) announced that it will leave the interest rate unchanged and will continue the government bond buy back program in order to support the capital market. This was another reason to send the market higher. 

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