- Shares rose Thursday after results showed Pfizer announced positive results Wednesday for an early-stage vaccination trial.
- Pfizer said that patients created 1.8 to 2.8 times the antibodies seen in those who recovered from COVID-19.
- A market analyst said that the “V-shaped recovery gnomes, once again, are getting to heaven.”
- But traders are waiting for the US nonfarm payroll data for more direction in the market.
- Visit the Business Insider home page for more stories.
Global markets increased on Thursday as positive results from an early-stage coronavirus Pfizer vaccine test cast positive sentiment in the markets, but traders sought more information today on US non-farm payroll data. USA
All the major stock indices, in Asia and Europe, as well as US futures were green.
On Wednesday, Pfizer revealed positive early-stage test results for its coronavirus vaccine.
The Pfizer human trial involved 45 participants ages 18 to 55 who received 10, 30, or 100 microgram doses of the BNT162b1 vaccine or a placebo over a 21-day period. The compound successfully created antibodies to fight the coronavirus in all participants who received two of the 10 or 30 microgram doses, according to a statement on Wednesday.
Pfizer said that patients created 1.8 to 2.8 times the antibodies seen in those who recovered from COVID-19.
Jeffrey Halley, senior Asia-Pacific market analyst at OANDA, said: “Based on a vaccine trial containing 45 people, including placebos, the V-shaped recovery gnomes are once again reaching the sky.”
Naeem Aslam, chief market analyst at Avatrade, said: “The positive news about the coronavirus vaccine test data that came out yesterday still has a positive influence on sentiment. But the reality is that we are still a long way from home. As these results are still closely associated with previous test data.
“The odds of any type of vaccine being available are still remote,” he warned.
Here is the overview of the market as of 10.20am London (5.20am ET):
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Traders were also bullish on top of US non-farm payroll data after last month’s extraordinary jobs report.
American employers added 2.5 million payrolls in May, defying expectations for 7.5 million lost jobs, baffling markets and economists.
The ADP employment report released Wednesday showed that US private payrolls grew by 2.37 million in June, less than the 2.8 million expected by economists surveyed by Bloomberg.
Aslam said there are two scenarios that markets expect from non-farm payroll data, due today.
“If the current number of US NFPs shows that the unemployment rate has gotten worse rather than better, we could see risk aversion. Speculators are likely to sell the stock market because it will confirm that the economic recovery is not as strong as previously planned, “he said. .
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Aslam added: “If the US unemployment rate falls and without a significant downward revision to the May report, investors may be relieved. Everything will make more sense and doubts about the second coronavirus case may begin. to fade. The US equity market will continue to trend higher as bulls may be in a much better place. “
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