U.S. Equity Markets bounced around as investors digested more vaccine headlines before selling off into the close in what turned out to be a volatile trading session. Both the S&P and Dow led the decline, closing lower by 1.16%. Markets initially rallied after we got more positive vaccine news out of Pfizer and BioNTech. Pfizer said final data from its 19 late-stage COVID- vaccine trials had reached a safety milestone with 95% efficacy and it was now preparing to seek an emergency use authorisation. This was above the 90% effectiveness Pfizer reported from early analysis last week. In terms of Economic data, both Housing Starts and Building Permits came in above estimates. This is the latest sign that homebuilders are expecting continued high demand for homes. On the stimulus front, House Speaker Nancy Pelosi and Senate Minority Leader Chuck Schumer called on Senate Republicans to restart negotiations on a fifth Coronavirus support package. New York became the latest state to threaten COVID restrictions, after governor Andrew Cuomo warned that the State could soon shut down indoor dining in gyms. Meanwhile European Indices closed higher. AstraZeneca’s Chief Financial Officer said results from final-stage Coronavirus vaccine trials in the U.K., Brazil, and South Africa should be available within weeks. Bank of England Chief Economist Andy Haldane said the British economy surpassed expectations in the Third Quarter, but remains below pre-pandemic levels. French Prime Minister Jean Castex said the country will maintain Coronavirus-related restrictions once the current lockdown is over in order to better contain the spread. European Union new car registration data for October weakened versus September, showing contraction, and implying economic growth was slowing. Elsewhere, Oil closed 0.65% higher on reports that OPEC was set to extend its production cuts into 2021 to combat rising crude inventories, while Gold fell 0.84% on little news.
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