Monday morning briefing: What’s the no-deal?
The world received some excellent news last week about a potential vaccine for COVID-19. Pfizer Inc. said its vaccine, developed alongside BioNTech SE, showed positive results from a large trial. The vaccine appeared to be more than 90% effective at preventing COVID-19. Importantly, no serious safety issues were found. Global equity markets surged higher on the news. The question now becomes how close this vaccine is to being distributed and used globally. Cases are rising and new restrictions are being implemented, and investors are hoping a successful vaccine could reduce continued uncertainty in the global economy.
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Chart of the week: What’s the no-deal?
The U.K. recently reported a preliminary estimate for its third-quarter gross domestic product (“GDP”), which expanded at a record pace (up 15.5%), after plummeting 19.8% in the previous quarter. This is similar to other major economies, like the U.S. and Europe, which recently announced record-setting expansions in the third quarter. Much uncertainty remains, however, regarding the U.K.’s economic recovery. Cases of COVID-19 have risen at a sharp pace, prompting additional restrictions, while a trade deal with the European Union remains elusive. With year-end fast approaching, the ultimate impact a potential no-deal Brexit could have on the U.K. economy remains largely unknown.
Used with permission of Bloomberg Finance L.P.
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