Two days before the meeting of the US drug regulator, the FDA, which should give Pfizer and BioNTech an authorization on Thursday to bring their vaccine on the market in emergency situations, the US markets seem more focused on the hopes of exiting the coronavirus crisis. In the United States, the first injections will then occur a few days later. Last week the UK was the first nation to approve the vaccine and its vaccination program officially launched on Tuesday.
The FDA issued an optimistic report on Tuesday morning, believing that the vaccine was highly successful, confirming that laboratories had announced a 95 percent threshold and that it did not present a safety risk that could prevent its authorization.
In the United States, the ‘macro’ indicator of non-farm productivity for the third quarter rose by 4.6 percent in the final quarter, down from the 1st estimate of +4.9 percent and below the consensus of 4.9 percent. Unit labor costs were down 6.6% from a consensus of -8.9%.
Elsewhere in the world, the GDP turnaround in the euro zone in the third quarter was marginally revised down by Eurostat to +12.5 percent compared to the previously reported 12.6 percent increase. However this is a historic progression. In the second quarter, activity slumped 11.7 percent due to lockdown measures. The GDP indicates a drop of 4.3 percent over one year against the previously projected -4.4 percent.
According to the latest comments by European negotiator Michel Barnier, this good news on the vaccine front has taken over the current health situation, which continues to worsen in the United States, but also on other issues of concern, such as the possibility of a no-deal Brexit, which is rising in Europe.
With the U.S. indices closed the Tuesday session at record highs, the European markets ended the session marginally lower in the midst of concerns of a “hard Brexit.”