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The Ibex moderates the rises after the stock market euphoria due to the advances in the Pfizer vaccine

The euphoria has given way to moderation during the first trading bars in the Ibex 35. The Spanish index recorded its biggest rise in a decade on Monday (+ 8.57%) and this Tuesday it maintains its positive tone, but more lowered, as markets and investors assume the announcement of Pfizer on the progress of its coronavirus vaccine.

After a hesitant opening, the Madrid selective advanced almost 0.4% with the pull of IAG and the banking sector as a whole, as happened the day before. The airline conglomerate earns more than 5%, while entities such as Santander, Bankia or Sabadell close to 2% increases. Bankinter lagged a bit further (+ 1.4%) and Almirall shares sneaked into this leading group with a 1.5% increase.

For the second consecutive day also, the Ibex is among the European markets with the greatest advances, only surpassed in this start by the Ftse 100 in London (0.6%). The Cac 40 in Paris, the Dax in Frankfurt and the Ftse Mib in Milan started the day trying to defend the green.

Is the hangover from a day of euphoria like the one that was experienced yesterday in a good part of the world stock markets. Pfizer’s announcement was an injection of optimism into the outlook for the world economy at a time when infections and deaths from Covid-19 are rising exponentially. Companies related to travel and tourism, as well as companies in the financial sector were the main beneficiaries of the news.

Pfizer and Biontec announced that their coronavirus vaccine is more than 90% effective, following the “success” of the first interim analysis of their phase 3 trial. Thus, their mRNA-based vaccine candidate, BNT162b2 against Sars-Cov-2 has been shown to be effective against coronavirus in participants with no prior evidence of infection, according to the first interim efficacy analysis conducted on November 8. The tests have been carried out on a total of 43,538 participants and the analysis has evaluated 94 confirmed cases of Covid-19 in participants of the trial.

Optimism also reached the market of the petroleum, given the possibility of a reactivation in consumption and travel and, therefore, given the prospect of an increase in demand. Crude oil maintains that tonic today and both the barrel of Brent – a benchmark in Europe – and West Texas Intermediate – a benchmark in the US – are registering increases. A barrel of Brent marks 42.7 dollars in price, while the WTI stands at 40.5 green bills.

Regarding sovereign debt, the Spanish risk premium it lost positions up to 69 basis points, with the interest required for the ten-year bond at 0.188%, while the price of the euro against the dollar stood at 1.1829 dollars.

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