Dow Futures Gain, Dollar Falls On AstraZeneca Vaccine Update

The Monday Market Minute

  • Global stocks power higher on AstraZeneca vaccine update, which showed a 70% efficacy rate across all doses in late-stage trial data.
  • Asia MSCI ex-Japan benchmark hits an all-time high in overnight trading, helped by a weaker U.S. dollar, which traded within a whisker of multi-year lows against its currency peers.
  • European PMI data for November showed contraction in the region’s core economies, capping gains for stocks in early trading in Frankfurt.
  • Oil prices extend recent rally as OPEC leader prepare for next month’s summit, with a new WTI contract topping $43 a barrel. 
  • Wall Street futures suggest a firmer open to kick-off the Thanksgiving holiday week, with just 13 earnings reports expected over the next three days as the third quarter reporting season comes to a close.

U.S. equity futures jumped higher Monday, while the dollar tested multi-year lows and oil prices extended gains, as investors opened a holiday-shortened week on a bullish note following positive vaccine news from AstraZeneca  (AZN) – Get Report

Some of the market’s early gains, however, were pared by a report from the Wall Street Journal that suggested the White House is considering new trade-related actions against China.

The British pharmaceutical group, working with researchers from Oxford University, said their developing coronavirus vaccine reached a 90% efficacy rate under certain doses, while averaging around 70% under all conditions, following data from late-stage trials published Monday. 

The news helped boost European stocks, as well as U.S. equity futures, and added to hopes that recent vaccine breakthroughs from Pfizer PFE and Moderna  (MRNA) – Get Report will result in broader program roll-outs in the coming months as infection rates in the U.S. continue to spike heading into the Thanksgiving holiday weekend. 

In fact, Dr. Moncef Slaoui, chief scientific adviser for “Operation Warp Speed”, told CNN Sunday that the Food & Drug Administration will examine Pfizer’s Emergency Use Authorization application on December 10, adding that healthcare workers could receive doses of the vaccine in the days that follow. 

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