By Matthew Roscoe • 09 November 2020 • 14:15
THE announcement that Pfizer and BioNTech’s experimental Covid-19 vaccine was more than 90% effective lifts European banks and airline shares.
The news that Pfizer and BioNTech’s Covid-19 vaccine is over 90% effective has brought ‘incredible relief’ to the financial markets with shares in European banks and in the travel and leisure industries surging about 10% on Monday, November 9.
Europe’s banking index made its biggest jump since the European sovereign debt crisis in 2011 and gained a whopping 10.9%, with European airlines, who have been hit incredibly hard by the restrictions imposed due to the pandemic, making high double-digit gains, such as BA owner IAG, which rose close to 40%.
Craig Erlam, senior market analyst at OANDA Europe, speaking to the Guardian said:
“With Covid wreaking havoc across Europe and the US once again, the Pfizer announcement has provided the lift we’ve all craved. The company announced that the Pfizer, BioNTech experimental vaccine is over 90% effective in preventing Covid-19, sending US future skyrocketing.
“This is the news we’ve all been waiting for. The company plans to use emergency use authorisation after the safety milestone is reached in late November, with no serious safety concerns having been identified in the interim analysis. Pfizer will then be able to produce 50 million doses in 2020,” he continued.
“We’ve been waiting for this moment for a long time and hopefully others will soon join Pfizer and BioNTech and enable us to break this vicious cycle of lockdowns and cautious reopenings that’s killing businesses, causing rising unemployment and massively adding to the debt load around the world.
“This is the light at the end of the tunnel moment and just look at the reaction in the markets. One of incredible relief,” he concluded.
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Originally from the UK, Matthew is based on the Costa Blanca and is a web reporter for The Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at [email protected]
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