Spreadex Market Update

Stocks drop further globally after negative comments from Moderna boss



European stocks have lost the small rebound gains they made yesterday, in response to revived fears of the Omicron variant affecting economic recovery.

This pressure was exacerbated after a warning from the head of leading vaccine maker, Moderna, that the current vaccines are most likely not going to be as effective against this new strain of Covid.

Deutsche Bank have attempted to calm the waters in a message sent out to clients, in which they state that this new variant is not a new development, and we have been on a steady trend of new virus waves throughout the year.

Having said this, throughout the day the markets have since regained some of these initial losses, FTSE, DAX and CAC currently -0.28%, -0.42% and -0.43% respectively.

Professor Karl Lauterbach, who is the running for Germany’s health minister, further added that it could be a ‘Christmas Gift’ due to the mild symptoms.

This split in opinions seems to be confusing most investors, hence why markets seem to be rising back up to being flat.

US markets seem to be following Europe again, as the general sentiment is quite negative thanks to both Moderna and Pfizer believing preliminarily, that their vaccines will be less potent, although they have said they need to do further research over the coming weeks.

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