Stocks in Europe and the United States were on a wave of unprecedented optimism at the start of the new trading week. It is due to the announcement that pharmaceutical companies Pfizer and BioNTech have developed a vaccine that will protect over 90 percent of people from coronavirus infection.
The report on significant progress towards an anti-coronavirus vaccine came shortly after mid-afternoon Central European time. European shares reacted with meteoric growth as Pfizer and BioNTech, which are jointly developing the vaccine, said the substance would protect at least nine out of 10 people from infection. “It’s a great day for science and for humanity,” said Pfizer CEO Albert Bourla.
This day will undoubtedly be great for investors as well. The shares have strengthened significantly on all major European exchanges. Vienna, Paris and Madrid firmed by more than eight percent, Frankfurt by almost six and London by more than five percent. New York also got off to a good start, with the Dow Jones industrial average up four percent and approaching the 30,000 mark.
However, we will have to wait for the vaccine to be launched. Pfizer and BioNTech do not yet meet all the criteria to submit the vaccine to the U.S. Food and Drug Administration for approval. However, this should happen in a matter of weeks.