Fed Chairman Jerome Powell has spoken in Congress on Tuesday, along with Treasury Secretary Steven Mnuchin. In his prepared speech, Powell was cautiously optimistic, saying that “the recent news on the vaccine front is very positive for the medium term.” However, he stressed that “the increase in new cases of Covid-19, both at home and abroad, is worrying and could present a challenge in the coming months”.
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Optimism regarding potential vaccines against the latest coronavirus remains strong, although the U.S. biotech firm Moderna has just applied in the United States and the European Union for an emergency use authorization. In the coming days, approval from the UK is also required. The Pfizer/BioNTech vaccine and AstraZeneca vaccines associated with Oxford are also increasing the expectations of observers.
Trends on the spread of the pandemic remain mixed, with numbers stabilizing in Europe but still spreading dramatically in the United States and fears of the Thanksgiving holidays’ effects. In Asia, Japan’s number of critically affected patients has hit a record high. For its part, Hong Kong has agreed on new restrictions.
The number of reported cases of the latest coronavirus worldwide since the epidemic started stood at 63.3 million on Tuesday, according to Johns Hopkins University, and the number of deaths stands at 1.47 million. Coronavirus has now killed more than 269,000 individuals in the United States, the most affected nation, and infected more than 13.6 million individuals.
Moderna Inc (MRNA) dropped -7.68 percent to $141.01 in on Tuesday. The biotechnology company on Monday, filed marketing authorization applications in the United States and Europe for its Covid-19 vaccine, with its formula showing 94.1 percent efficacy in advanced clinical trials. These tests have found that the Moderna vaccine prevented the occurrence of a serious form of the disease in 100 percent of the cases tested.
Pfizer Inc (PFE) rose 2.87 percent to $39.41 while its vaccine partner Germany’s BioNTech SE (BNTX) fell -8.23 percent to $114.01. The companies have announced that they have filed an emergency approval application with the European Medicines Agency for their Covid-19 vaccine candidate, which is also due to be reviewed by the US FDA in the coming days.
