Headlines discussed at LNWM’s Monday morning briefing:
— Pfizer says early analysis shows its Covid-19 vaccine is more than 90% effective; Pfizer expected to seek U.S. authorization this month for emergency use with a possibility of regulatory decision by December.
— Nonfarm payrolls increased by 638K and unemployment rate was at 6.9%, exceeding expectations of 530K jobs added and an unemployment rate of 7.7%.
— The FED voted to keep short-term borrowing rates anchored in a range between 0%-0.25%; Fed officials have been vocal about the need for more fiscal and possibly additional monetary support, but this week’s meeting yielded no new policy initiatives from the Fed.
— Manufacturing PMI at 59.3 in October 2020; with the overall economy notching a sixth consecutive month of growth.
— Italian regions lock down and Paris tightens rules as Europe smashes virus records; Greece, Denmark, Sweden and Norway among the new group of countries announcing lockdown measures.
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