After a lower open, news from Pfizer/BioNTech that final results of their Covid vaccine delivered 95% efficacy has seen most risk assets catch a bid. Both Growth and Value were trading in lock step with each other for most of the morning, however currently we are starting to see that diverge with Value outperforming Growth by around 40bps. The usual open-economy names leading Europe higher today, however news that Carnival is cancelling US embarkations for January, has seen the stock doing over 3% and is weighing on the Travel& Leisure sector.
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