Morning Report – Wednesday 11th November
President elect Joe Biden spoke to Boris Johnson yesterday as well as a host of other country leaders including Justin Trudeau and Angela Merkel. The call was reportedly “warm”, however Biden did deliver a warning to Johnson to not let Brexit destabilise the Northern Ireland peace process.
The European Commission will purchase up to 300 million doses of the new Pfizer vaccine, and the company expects to produce around 1.35 billion doses by the end of next year in the facilities they currently have. The new vaccine is said to be 90% effective.
Global equities declined yesterday after their rapid rise on Monday reacting to the news of the Pfizer-BioNTech vaccine. The Tech-heavy Nasdaq continued its decline, dropping over one percent yesterday, while the S&P 500 also declined.
The pound is trading higher against both the euro and dollar this morning. The UK Government are set to change takeover law to make it more difficult for overseas companies to buy sensitive UK assets. Brexit talks are also set to continue today, but officials are keeping negotiations away from the media spotlight so there are no developments to report.
The euro is unchanged in early morning trading today. The European Central Bank’s annual forum starts today virtually, but the focus will be on climate change, and the European effort, so there will be no talk on financial markets or coronavirus.
The dollar is trading relatively flat against a set of major currencies but is higher against the Japanese Yen. Donald Trump has yet still refused to concede the US election, despite Joe Biden having phone calls with a host of national leaders, and has also blamed Pfizer for waiting on the vaccine news until after the US election.
Main Economic Data/Central Banks/Government (All Times GMT)
7:00 a.m.: Turkey Sept. Current Account
1:00 p.m.: Russia Sept. Trade Balance
1:00 p.m.: ECB’s Lagarde speaks at forum on central banking
OPEC monthly oil market report