Good vaccine news sparks surge in global markets amid unfair distribution fears
Bianca Rahimi
Press TV, London
The European commission has just struck a deal with German company CureVac for up to 405 million Covid vaccine doses. The news of more than one promising vaccine has sent global stock markets into overdrive. The world health organization is cautiously optimistic about the vaccines, but will any potential vaccines be distributed fairly across the globe?
As the death toll from the second wave of the Covid-19 pandemic mounts across Europe and hopes of a vaccine are raised, strong economies are putting their orders in fast.
Pharmaceutical companies Moderna says its prospective Covid-19 vaccine is 94.5 percent effective in preventing the illness. Rival company Pfizer had similarly upbeat news last week. Both announcements have sparked a global stock market surge, which climbed to a record high Monday.
· US stocks made record setting advances.
· Shares in Europe made their greatest gains in 8 months.
· MSCI’s broadest index of Asia-Pacific shares outside Japan hit its highest level since launching in 1987.
· China also posted better-than-expected industrial output data. The region also signed its largest ever trade deal.
The prospect of lockdowns across the globe ending has also helped oil prices jump. The Euphoria in the markets must be tempered though, by the World Health Organization’s cautious optimism.
For the first half of 2021 the global supply of the vaccine will be limited. The WHO's goal is to protect high-risk groups, including health workers, first. But stronger economies are already muscling in. Almost half the global supply has already been bought up by wealthy nations representing just 13 percent of the world’s population. THE UK, the US and the European Commission are at the top of that list.
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