Forex Marketz Daily Forex News – Fully Markets Update
European equity futures are pointing to a negative opening for the headline bourses despite positive vaccine news surrounding the global coronavirus pandemic (Covid-19).
Global financial markets, including European equities, closed mostly higher on Monday following news that a more effective coronavirus vaccine from Moderna boosted global sentiment including the sentiment among European traders.
The drug maker, Moderna, released preliminary results that showed that their Covid-19 vaccine was more than 94 percent effective.
As of now, stock futures in the euro area, indicate that the benchmark London FTSE stock exchange will open 24 points lower at 6,405. The German benchmark, the DAX us set to open 66 points lower at 13,101 and the French CAC 40 is set to open thirty (30) points lower at 5,453. The Italian FTSE MIB is set to start the day 101 points lower when the open bell rings.
European Traders watch Coronavirus Vaccine News and Brexit
Moderna’s news follows last week’s vaccine headlines from Pfizer and BioNTech’s late-stage coronavirus vaccine trial. Their vaccine is better than 90 percent effective.
The news from Moderna sent Wall Street higher as well as the Asian and Pacific Rim equity markets overnight. However, by late Monday evening U.S. equity futures had turned negative. This comes after their three headline benchmarks set all-time record highs.
Regional Politics are in the Spotlight
Brexit is in the news after sources indicated that the United Kingdom and European Union could reach a trade agreement by as early as next week. The United Kingdom has also signaled they prefer a trade agreement in place before leaving the euro area at the end of the year. This has boosted the British pound (GBP) currency markets.
Traders are also watching the Eurozone economic recovery. Both Hungary and Poland have blocked adopting the euro area 2021 to 2027 budget and recovery fund. Both countries disagree with the clause that makes access to funds conditional about respecting the rule of law in the Eurozone.
