Rolling coverage of the latest economic and financial news
Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.
After a rough year, Britain’s FTSE 100 is ending 2020 on the front foot.
“The bottom line is, this is right in the range of reason. It’s not a perfect bill, but it is a compromise bill that can bring people together.”
News that Pfizer has cut its rollout target for the covid vaccine by half, owing to supply chain obstacles has knocked risk sentiment. Vaccine optimism put the markets on a stellar run across November as investors priced in the end of the pandemic and a return to pre-pandemic growth, regardless of the dire few months expected before the vaccine becomes widely available. Then news from Pfizer means that it could now take longer to reach the end of the pandemic tunnel, but with other vaccines also coming, this is more of a setback rather than risk reset news.
However, optimism surrounding a large US economic stimulus package is helping lift US futures after the close. A $908 billion rescue package in the world’s largest economy now appears within reach, offering support to the global risk sentiment picture, off-setting some vaccine disappointment
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