The latest Pfizer news shows that it hasn’t been as enthusiastic as it did after the previous vaccine update, but global equity has risen on Wednesday. However, it was the FTSE that calmed down significantly. As they led the pack at a recent vaccine news rally, the index weighed the pound rise in new Brexit hopes.
The Dow Jones rose 0.40%, while CAC and DAX each rose slightly by half, while FTSE was slightly behind with a profit of 0.33%.
Meanwhile, the pound rose 0.31% against the euro, up 0.33% against the dollar up to 1.3299. Regarding Brexit’s chatter and product movement, Joshua Mahony, senior market analyst at IG, said:
“The FTSE 100 is a major European decline, and the Enhanced Pound once again proves the cancellation of a highly international index. With Brexit negotiations running out of time, we finally see a faint glow of hope that the deal could be within reach.”
“With rumors of potential deals early next week, expectations that EU negotiators will renew envoys from 27 member states on Friday underscore the potential breakthrough.”
“But the red boundaries around fishing rights, equal playing field and governance continue to remain a major hurdle that has never been overcome.”
“There will be many skeptics in the prospect of an imminent trade deal, as there are no indications that these important topics have been resolved.”
Brexit’s optimism today is a flash of bread, with no actual concessions written on either side. The diplomatic chicken game could continue until the late stages of 2020, near the NYE deadline.
If an index such as FTSE is likely to elicit short-term optimism, there will be further vaccine updates. While today’s news for Pfizer has been more encouraging than groundbreaking, Pfizer or Modern’s FDA approval, or new candidates for AstraZeneca, will give the stock a second wind of welcome.
