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US pharmaceutical giant Pfizer and Germany’s BioNTech say the latest phase 3 trial data shows that their corona vaccine was more than 90 percent effective in preventing infections.
The market is reacting with a strong rebound. In pre-trade on Wall Street, Pfizer is up 11.73 percent, while BioNTech is down 21.74 percent.
– This is very positive news for the market, says Chief Strategist Erica Blomgren at Nordic Bank SEB at E24.
When news of the vaccine candidate came through, Norwegian markets also skyrocketed.
Just after 1 p.m. Monday, a barrel of North Sea oil cost $ 43, an 8.42 percent increase from midnight. Then the price of oil slowed down a bit, but remains well above $ 42 a barrel.
At the same time, the main index increases by as much as 3 percent. Expectations are now high for the companies behind the COVID-19 vaccine.
– The US “Food and Drug Administration” (agency within the US Federal Department of Health and Social Affairs, journal. Note) will be asked to obtain expedited approval. They’ll order it later this month, Blomberg says.
Global increase and strengthening of the crown
The Norwegian krone is strengthening against the major currencies. A US dollar now costs just over 9 crowns, while the euro is priced at 10.73 NOK each.
Europe’s stock markets are also reacting to the big news in vaccines. Following the announcement, the European Stoxx 600 Index rose 4 percent, significantly higher than Monday’s 1 percent rise.
In the pre-trade phase in the US, futures are rising sharply: the Dow Jones futures index is up 5.26 percent, and consequently the S&P is up 3.49 percent.
Long-term interest rates from the US government are also rising sharply after the news. The “ten-year-old”, considered one of the world’s top interest rates, rises to 0.886 percent.
US government debt is considered a safe haven for investors and interest rates rise when fewer people want to buy government bonds at the same time.
It provided protection for 28 days.
According to CNBC, the researchers expected a vaccine that would show effect in 75 percent of cases.
The patients were protected from disease seven days after the second of two doses was administered, and 28 days after the first, according to preliminary results of the NTB reviews.
“The first results from our phase 3 testing of the COVID-19 vaccine provide early indications that the vaccine is capable of preventing COVID-19,” said a statement from Pfizer CEO Albert Bourla.
Bourla, who is a board member and director of Pfizer, says it is a “great day for science and humanity,” writes CNBC.
Expect more than 50 million doses this year
During the last testing phase, the vaccine was tested on 43,538 subjects, half of whom received the vaccine and the remainder received placebo. Of those who received the vaccine, 94 coronary infections were reported.
According to TDN Direkt, Pfizer and Biontech are now working on preparing the data necessary to submit an application to the US authorities so that they can demonstrate the safety and quality of the vaccine product.
Based on supply forecasts, they expect to offer more than 50 million doses of vaccines in 2020 and produce up to 1.3 billion doses in 2021.
It coincides with electoral optimism
Just before the presidential election in the US, a growing trend of infection has created concerns, says chief strategist Erica Blomgren at SEB.
– This has caused major shutdowns, especially in Europe, which have economic consequences. The second wave we are seeing now shows that the financial recovery will be very fragile until a vaccine is given, he says.
Blomgren notes that the market has developed positively even before today’s vaccine news, based on the election results.
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