Viva La Vaccine… Hope is in the air and stocks are in the green, as encouraging preliminary vaccine data from Moderna (MRNA +5.3%) and similar optimism around the AstraZeneca / Oxford vaccine (AZN +7.3%) have sparked belief that help is on the way. Value is the victor thus far (RTY above its 200-DMA), with dreams of a post-Covid world causing investors to take another look at the spaces most beaten down by the virus (Hotel/Leisure, Transports, Banks outperforming). The “weighting game” is to blame for US indices being held at bay, as the big boys of Tech (NYFANG -0.4%) act as a drag along with Semis (SOX -0.6%) amid the rotationary action and as China tensions continue to boil up.
The content on this site is available to all Redburn clients as part of Redburn Execution’s standard service. It is not considered substantive research and there are no commercial implications to viewing these pages.
Please enter your email address below to view this page. If you are still unable to access the page, please speak to your account manager.