Vaccine progress
As economies struggle to re-open around the globe and as the Fed said that they have more ammunition to fight the virus, came more good news of vaccine progress.
Moderna Inc., a U.S. company, announced yesterday that human trials of its coronavirus vaccine showed good progress in all participants involved in the study.
This positive news report pushed markets up and they continued to climb all day yesterday, 18th May 2020.
UK vaccines
There are vaccine plans progressing in the UK too. Oxford University vaccine clinical trials are progressing very well and Imperial College London was making good progress too. It is reported that 30 million doses of a coronavirus vaccine would be available in September if trials were successful. Pharmaceutical giant AstraZeneca has been tasked with making the vaccine production happen.
Markets surged with the DOW gaining 900+ points at close on Monday 18th May 2020.
Dow closed up 912 points at: 24597
FTSE 100 closed up 249 points at: 5048
DAX closed up 594 points at: 11059
S&P 55 closed up 91 points at: 2954
The Dow has gained some 6000 points since the low of: 18592 on 23rd March 2020.
Big gains across the board – imagine the market reaction when the vaccine trials are complete and we have a working vaccine..?
China
It was reported that Chinese President Xi Jinping said his country will provide $2 billion over two years to help other countries respond to the impact of the coronavirus.
It has also been reported that China will back a virus inquiry via the WHO after the pandemic is brought under control.
Xi Jinping is also reported to have said that China provided coronavirus information ‘in a most timely fashion’.
U.S.
House building sentiment in the U.S. bounced back in May, after a record fall in April 2020
Other news
WHO head agrees to independent review of coronavirus response
Market moving news to watch
UK – unemployment data due for release Tuesday at: 07:00 BST
Germany – economic sentiment data due Tuesday at: 10:00 BST
U.S. – house building data due Tuesday at: 13:30 BST
U.S. – Fed’s chair J Powell due to testify Tuesday at: 15:00 BST
China – overnight Wednesday – interest rate decision due
UK – retail and consumer price index data due Wednesday at: 07:00 BST
EU – retail and consumer price index data due Wednesday at: 10:00 BST
U.S. – FOMC minutes due for release at: 19:00 BST
Update Tuesday 19th May 2020
UK unemployment data released at 07:00 BST saw a big rise. The claimant count in April 2020 increased up by 856,500 to 2.1 million, according to data released from the Office for National Statistics (ONS).
Before coronavirus lock down began, employment had reached a record high in the UK.