Risk assets are a bit on the backfoot this morning despite China data beating and upbeat Coronavirus vaccine headlines. Predictably, the US Treasury market is as quiet as the grave with only minuscule changes in yields. Press reports mention that the Oxford Uni/AstraZeneca developed vaccine has triggered the desired immune response but without the sometimes “severe” side-effects of the Moderna vaccine trial that was all over the news earlier this week. But, it remains to be seen if the Oxford/Astra vaccine really does keep the virus at bay. Equity losses in Asia range from 0.8% for the Nikkei to more than 2% for the Shanghai Composite. Putting it all in perspective: most markets are either just below their post-March highs, or have set new post-March highs in recent days. So, nothing to see here, move along.

 

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