- Pfizer(PFE.US) and BioNTech (BNTX.US) requested regulatory clearance for their vaccine in Europe
- OECD sees brighter economic outlook
- Stocks in the US Hit All-time High
Meanwhile S&P 500 and the Nasdaq hit record highs as hopes that a COVID-19 vaccine will be available soon. Investors’ attention focus on a handful of vaccine candidates as well as the start of global shipments as drugmakers submit paperwork for regulatory approvals. Dollar weakened after Fed Chair Powell pointed, during his testimony in Congress, that more fiscal action is needed and FED will expand both its bond-buying programme and ultra-cheap loans to banks. On the economic data, recent figures showed a rise in construction spending but a decrease in the manufacturing index. Yesterday US reported 157,901 new Covid-19 cases compared to 138,903 the day before. Death toll reached 1,172, compared to Sunday’s two week low of 826. Hospitalizations hit another record, with at least 96,039 people hospitalized for Covid-19.
US crude futures are trading 1.3% lower at $44.71 a barrel, while the international benchmark Brent contract fell 0.9% to $47.48. OPEC+ delayed output talks until tomorrow, as group members were unable to reach an agreement regarding crude production cuts. Investors will also keep an eye on the API report which will be published later in the day, with forecasts of 2.272 million barrels drop .
Elsewhere, gold futures rose more than 2.0% to $1,813.00/oz, after dropping almost 6% in November, its worst month in four years, while silver surged more than 5% to $23.90. EUR/USD is trading 0.95% higher at 1.2048 amid weaker dollar.
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