9th November, 2020
Whoosh - Biden and a vaccine
World markets had been greeting the prospect of a clear win for Joe Biden in the U.S. presidential election as a positive for stocks and bonds as it reduced electoral uncertainty and would likely ease global trade tensions but not succeed in a mega fiscal boost due to probable gridlock in Congress. But Pfizer and Germany's BioNTech's claim that their COVID-19 vaccine was more than 90% effective and ready to go to production both accelerated some of the S&P500, global and emerging market stock market moves as well as knocking back sharply havens such as T-bonds, gold and even the tech-heavy Nasdaq that has thrived on pandemic lockdowns.
Chart by Ritvik Carvalho and commentary by Mike Dolan
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