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Good morning and welcome to our ongoing coverage of the global economy, financial markets, the eurozone and business.
Stock markets are rising this morning after AstraZeneca announced that its Covid-19 vaccine is effective in preventing virus infection.
The pharmaceutical firm reported that trials of its vaccine developed by the University of Oxford showed can be 90% effective by giving immunity to Covid-19.
AstraZeneca
(@AstraZeneca)Today we announce high-level results from AstraZeneca @UniofOxford # COVID-19 vaccine clinical trials. https://t.co/eTz7cdY4hN pic.twitter.com/d6Wzo11Ftr
AstraZeneca reports that AZD1222 showed 90% efficacy when given as a half dose, followed by a full dose at least one month apart.
Another regimen, with two doses separated by at least a month, showed an efficacy of 62%, which 70% average efficiency.
That follows encouraging results from Pfizer and Moderna earlier this month, who reported 95% efficiency and should further boost hopes for a strong economic recovery in 2021.
Julia Kollewe
(@JuliaKollewe)The Covid-19 vaccine from AstraZeneca and the University of Oxford has been shown to be 90% effective in global trials, similar to PfizerBioNTech and Moderna (around 95%) … and more importantly, it can be stored at refrigerator temperature. AZ will apply for regulatory approval; wants to do 3 billion doses next year
AstraZeneca also reports that no serious safety events were recorded during the trial. It now plans to immediately prepare for regulatory submission of the data to authorities around the world who have a framework in place for its conditional or early approval.
It will also look up a World Health Organization Emergency Use List to accelerate the availability of vaccines in low-income countries.
Julia Kollewe
(@JuliaKollewe)AstraZeneca / Oxford Covid-19 vaccine: There were no reported hospitalizations or serious cases of the disease in those who received the vaccine.
The half dose / full dose result, with 90% efficacy, is the most exciting, as Professor Andrew Pollard, Lead Investigator of the Oxford Vaccine Trial at Oxford explains:
These findings show that we have an effective vaccine that will save many lives. Interestingly, we have found that one of our dosing regimens can be around 90% effective and if this dosing regimen is used, more people could be vaccinated with the planned vaccine supply.
Today’s announcement is only made possible by the many volunteers in our trial and the talented and hardworking team of researchers from around the world. ”
Owenna griffiths
(@omrgriffiths)“We have a vaccine that can protect against coronavirus disease,” Professor Andrew Pollard of the @OxfordVacGroup about the Oxford / AstraZeneca vaccine. Bright news on a dark November morning @ BBCr4today
The news is expected to propel European equity markets higher, with the FTSE 100 expected to gain around 0.5%, back to last week’s five-month highs.
CMC Markets
(@CMCMarkets)Market update live from the CMC trading desk – European opening calls:#FTSE 6383.3 0.5%#DAX 13 221.44 0.64%#CAC 5533.86 0.69%#MOUNTAIN GOAT 8014.77 0.46%
The prices are only indicative. $ FTSE $ DAX $ CAC $ IBEX
It also comes this morning.
New economic surveys from the UK and the eurozone will highlight the strong impact of the latest Covid-19 shutdowns and highlight why effective vaccines are needed.
The latest surveys from the Purchasing Manager of data firm IHS Markit are expected to show that UK private sector activity is contracting this month, due to the closure of hospitality venues, non-essential shops and leisure activities.
The UK services PMI is forecast to fall to just 42.5, showing a rapid slowdown, from 51.4 in October, which showed modest growth.
France’s ‘flash’ PMI will also likely show that its economy is contracting again this month [forecast to drop to 34, from 47.5] That could cause the eurozone to contract this month, after it stalled in October.
The agenda
- 8.15 a. M. GMT: French PMI for November Flash Manufacturing and Services
- 8.30 a. M. GMT: German Manufacturing and Service Flash PMI for November
- 9:00 a.m. M. GMT: November euro zone manufacturing and services flash PMI
- 9.30 a. M. GMT: November UK Manufacturing and Service Flash PMI
- 13:30 GMT: Chicago Fed National Activity Index
- 2.45 pm GMT: November US Manufacturing and Services Flash PMI
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