Another Monday and another vaccine breakthrough! Granted it wasn’t met with quite the same exuberance as last week, however news that Moderna’s vaccine candidate hit its interim target and managed 94.5% efficacy saw markets jump higher around midday today. Participation has flooded back as well in a promising sign after volumes had tailed off into the end of last week. As was the case following the Pfizer news, Value is leading the charge higher, outperforming Growth by over 200bps. The Stoxx Value Index is now only 2% below its June relative peak, which is a key resistance to watch. The vaccine news has also seen a recovery in yields, which has pushed Banks higher. The SX7E now is above the June high of 71.64. Note though that BBVA is also heavily influencing the move in the sector, up 19% after announcing the sales of its US business to PNC.
The content on this site is available to all Redburn clients as part of Redburn Execution’s standard service. It is not considered substantive research and there are no commercial implications to viewing these pages.
Please enter your email address below to view this page. If you are still unable to access the page, please speak to your account manager.