Pfizer stock rises after Covid-19 vaccine announcement
Pfizer shares rose on Wednesday after the company's announced the clinical trial results of its Covid-19 vaccine.
The American company and the German firm BioNTech announced on Wednesday that the recent data from the final phase of the clinical trials on their Covid-19 vaccine showed it was 95% effective.
While Moderna announced on Monday that its coronavirus vaccine was more than 94.5% effective in preventing the disease.
However, analysts believe that there is still a long way to go before the vaccine reaches everyone and eliminates the pandemic, especially as the number of infections keeps rising.
This comes at a time when the world is counting on a safe and effective vaccine to eliminate the coronavirus pandemic in order to help in returning to the economic recovery path.
Pfizer's share rose 0.7% to close at $36.3, after it hit a day high of $37.4 and a low of $36.3.
The British Pound fell against the US dollar on Thursday, despite positive European statements about UK's call for a Brexit deal. EU leaders will meet for a two-day summit to assess the ongoing negotiations with the UK on post-Brexit trade relations. The leaders of the European Union decided they would continue negotiations in the coming weeks with the British side, Reuters reported. This came despite the British Prime Minister Boris Johnson' warning that if no agreement is reached, the UK would have to accept a no-deal Brexit scenario. Chief among the major disagreements between London and Brussels are the competition regulations, and fishing quotas in British territorial waters. GBP/USD fell 0.8% to 1.2899 as of 20:51 GMT, the pair hit an intraday high of 1.3030 and a low of 1.2890.
The US dollar held steadily against most of its peers on Wednesday, after the release of positive US economic data. The first election debate between the current US presidential candidates took place yesterday, and had managed to attract the global market focus. The debate resulted in harsh criticism exchange between the Republican candidate Donald Trump and his Democratic rival Joe Biden. Data showed today that the final reading of the US GDP decreased 31.4% in the second quarter, better than forecasts of -31.7%. Additionally, ADP data showed the US non-farm employment change rose 749,000 jobs during August, beating forecasts of 650,000 jobs, vs. 481,000 in the previous reading. The dollar index held against a basket of currencies at 93.9 points as of 20:17 GMT, after hitting a high of 94.1 and a low of 93.6.
The British Pound rose slightly against the US dollar on Friday, despite the British Prime Minister Boris Johnson's negative comments. Johnson said the UK will leave the EU customs union and the single market without an agreement due to the failure of delivering a fundamental change of approach from Brussels. This came after the leaders of the European Union decided they would continue negotiations in the coming weeks with the British side. The market remain concerned about the coronavirus global impact, especially as the second wave of infections forced several major European countries to re-impose lockdown restrictions, led by the UK and France. GBP/USD rose 0.1% to 1.2924 as of 21:16 GMT, the pair hit an intraday high of 1.2962 and a low of 1.2869.