U.S. Equity Markets resumed their rally, finishing the day higher, led by the NASDAQ 100 which closed with a gain of 2.31%, while the Dow closed basically unchanged. Vaccine optimism was a driver again yesterday. National Institute of Allergy and Infectious Diseases director Dr. Anthony Fauci said that positive data from Moderna’s vaccine candidate will also be released “within the week.” He added that Moderna’s vaccine could show a similarly high degree of effectiveness as the Pfizer-BioNTech candidate. Investors also rotated back into growth names and away from value. This drove outperformance in the tech-heavy Nasdaq Index. But Coronavirus trends continued to weigh on sentiment. U.S. States continue to tighten restrictions, with Maryland reinstituting mandatory telework. New York announced the closure of bars, restaurants, and gyms at 10 p.m., while also banning indoor gatherings of more than 10 people. Despite the large increase of Coronavirus cases on Mainland Europe, European Indices again closed higher. British economists said they expect the U.K.’s economy to return to pre-pandemic levels by the middle of next year. Trade talks between the U.K. and European Union are expected to go past the November deadline for reaching a deal. European Parliament and EU members were said to agree to a budget deal, clearing the path for the implementation of the bloc’s $2.1 trillion recovery package. The EU also agreed to a deal with Pfizer and BioNTech, locking up hundreds of millions of doses of a potential COVID-19 vaccine. ECB President Christine Lagarde hinted that the central bank could expand its Aasset Purchase Programme to keep borrowing costs low, indicating policy will remain extremely accommodative. Elsewhere, Oil closed 0.48% higher, after OPEC once again lowered its crude demand outlook, while Gold fell 0.73% on US Dollar strength.
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