• Oxford AstraZeneca COVID-19 vaccine has up to 90% efficacy
• US tops 12 million coronavirus cases
• US plans first COVID-19 vaccinations by mid-December
European stocks erased earlier gains and finished trading near the flatline, as investors digested weak PMI data which showed that the Eurozone private sector shrank more than expected in November, as several member states implemented more restrictions in order to contain the spread of the coronavirus. Meanwhile Oxford and AstraZeneca showed their coronavirus vaccine has two different dosing regimes, one produced 90% effectiveness and the other 62%. Vaccine could be easily transported at normal refrigerator temperatures. Also no hospitalizations or severe cases of the disease were reported in those receiving the treatment. However company’s shares dropped over 3.0% as some investors perceived the efficacy data as disappointing compared with rivals. Meanwhile, Prime Minister Boris Johnson announced that lockdown will end on December 2nd and the UK will move to a 4 Tier system. On the Brexit front, Sky News reported that Brexit deal is 95% agreed on but some differences remain regarding fisheries, governance and competition.
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Create account Try a demo Download mobile app Download mobile appThe Dow Jones and the S&P 500 started the week on a positive note while the Nasdaq is swinging between gains and losses as hopes of a COVID-19 vaccine and upbeat PMI data lifted market sentiment. US Food and Drug Administration issued emergency approval for Regeneron coronavirus treatment. Also, vaccinations against Covid-19 in the US will “hopefully” start in less than three weeks, said Moncef Slaoui, head of the government’s Operation Warp Speed. According to media reports, UK may approve Pfizer coronavirus vaccine this week. Meanwhile total number of cases surpassed 12 million over the weekend and more than 83K people were hospitalized on Sunday, the 13th straight day the country has broken its hospitalization record. Today's PMI data showed US business activity in November expanded at the fastest rate in more than five years, topping even the most optimistic analysts' estimates.
US crude futures are trading 1.3% higher while the international benchmark Brent contract rose more than 2.0% an prospects that the distribution of Covid-19 vaccines will enable a thorough recovery in oil demand next year. Meanwhile, Houthi rebels based in Yemen fired a missile that struck an oil distribution center operated by the Saudi Aramco oil company in Saudi Arabia’s Red Sea city of Jeddah. Elsewhere, gold futures fell 1.7% while silver futures dropped 2.3% as investors turned to riskier assets following vaccine news and strong business activity data from the US.
Silver – bears managed to break below the lower limit of the triangle pattern and if the current sentiment prevails then the downward move may accelerate towards the support at $22.15. The nearest resistance lies at $25.00 level. Source: xStation5
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