Vaccine optimism still isn’t setting bond yields on fire, though equities are either consolidating or extending their vaccine breakthrough gains. In the holiday shortened week Asian equities outside Japan (closed for a holiday) are up, led by a 1% for the Shanghai Composite, which is now approaching its post Wuhan lockdown highs. S&P 500 futures are mired below 3,600 (at 3,563 actually) because of tech weakness. Tech is only lagging we should say. The Nasdaq is up by around 20% for the year. How’s that for weakness? European stocks should get a boost this morning from a further slowdown in Coronavirus cases/fatalities and reports on faster than expected vaccine rollouts. US authorities want to start mass-vaccinating a day after expected FDA approval for the BioNTech/Pfizer vaccine, which should be on December 11. The UK isn’t even waiting for FDA approval – or is it rubber-stamping now – and wants to start as soon as December 1.

 

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