Announcement of the second vaccine
global markets entered the demand for high-risk assets last week as another pharmaceutical company, Moderna of America, joined Pfizer announcing that the special Corona virus vaccine With it, it showed 95% effectiveness.
A report by the National Bank of Kuwait (NBK) received its copy, today, Sunday, that these results come shortly after the announcement of similar results by Pfizer, to enhance From the growing confidence that vaccines can help end the epidemic. Although both vaccines have not been approved by the US Food and Drug Administration, the enthusiasm of investors that has pushed global stocks up during the last period has witnessed a state of apathy.
US stocks rose after the discovery of a second vaccine with great efficacy rates, prompting the Dow Jones index to achieve gains of about 2.60% in the wake of the news. On the other hand, the US Treasury bonds were stable as investors awaited the result of the approval of economic stimulus packages in the United States and other major economies.
On the other hand, the United States recorded, on Tuesday, the highest daily death rate from the Corona virus for more than six months, as the epidemic is now causing the death of at least one American every Minute, the total of those who lost their lives since February 29th in the United States alone is more than 250,000.
The US dollar lost part of its value against a basket of competing currencies last week, thus losing the US currency more than 5% since the beginning of the year so far in light of major political events , Such as the US presidential election and the escalation by President Trump regarding the validity of voting procedures in the elections.
In addition, the uncertainty surrounding the approval of the economic stimulus package and trade deals has led investors to resort to safe-haven currencies, especially the Swiss franc and the Japanese yen.
US economic data
The resurgence of high coronavirus cases across the United States slowed retail sales as household incomes fell, as October figures revealed that retail sales rose 0.3% Just last month, it violated expectations of a 0.5% increase after posting gains of 1.6% over the past month.
