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Results from the phase 1 clinical trial of Moderna's coronavirus vaccine show it's on the right track, though there were serious side effects at high doses....
Options investors are ramping up bets on some of this year's biggest winners, including Amazon.com Inc, Netflix Inc and Tesla Inc, even as they turn cautious on the wider market amid a resurgent U.S. coronavirus outbreak. Investors are betting that tech-related stocks will remain comparatively resilient to the coronavirus-fueled economic disruptions that have battered sectors such as retail and travel, despite growing concerns about stretched valuations following steep rallies. Analysts also see another factor driving the momentum stocks: fear of missing out, or FOMO....
(Bloomberg) -- Saudi Arabia has removed two million people from an assistance program meant to soften the blow of its economic overhaul, stirring frustration among some during the worst downturn in decades.Officials began to scale back the so-called “Citizen’s Account” program in April, when they suspended new applications, set an upper limit for payouts and tweaked eligibility rules. The number of beneficiaries began to fall and the drop has accelerated. In July alone, 1.3 million people lost payments.The government said the changes to the program would help direct support to those who need it most, and weren’t linked to the two-pronged crisis of oil-market turmoil and the Covid-19 pandemic roiling the kingdom. However their impact hit at the same time officials were rolling out new austerity measures, including tax increases.“It feels like death,” said Bandar Awad, a 34-year-old courier told by text message he’s no longer entitled to the 300 riyals...
It has been a breakout year for vaccine specialist Vaxart (VXRT). Entering 2020, the company had a market cap just below a puny $17 million. Since then, shares have exploded by an incredible 4748% as investors have piled in with the hope Vaxart can be the surprise provider of the coveted COVID-19 vaccine.However, Vaxart stock still has plenty left in the tank, according to B Riley FBR analyst Mayank Mamtani. The 5-star analyst believes that, based on the company’s proprietary VAAST (vector-adjuvant-antigen standardized technology) vaccine platform, Vaxart’s “one-of-its-kind oral solution,” could set it apart from the competition.Mamtani added, “We believe clinical proof of concept from norovirus and influenza programs validates VAAST’s targeted immune system activation approach with enteric-coated tablets designed to release a vaccine specifically in the small intestine. This activation of gut immunity provides protection at the inner linings of the GI and respiratory tracts and is a key differentiator...
Risk sentiment was upbeat in currency markets on Wednesday, as signs of progress towards a COVID-19 vaccine and a Wall Street equities rebound on Tuesday pushed commodity currencies higher and the dollar to a one-month low. Global equities gained following on from a Wall Street rebound on Tuesday, with the optimism continuing through the Asian session, although Chinese shares sold off somewhat. German Chancellor Angela Merkel said in a news conference with Spanish Prime Minister Pedro Sanchez on Tuesday that Germany would push for a compromise....
The euro rose to a four-month high against the dollar on Wednesday on hopes European Union leaders may agree on stimulus and deepening fiscal integration to shield the economy from the pandemic. The dollar was on the defensive, particularly against other growth-leveraged currencies such as the Australian dollar, following an uptick in U.S. inflation and news of progress in vaccine development for COVID-19....
Tech stocks smashing all-time highs are currently almost a daily thing. What this means for a frothy market at disconnect from the wider economy is anyone’s guess. Is a pullback imminent? No one knows, the market is unpredictable and will probably remains so for the foreseeable future or at least until the coronavirus is stopped dead in its tracks.Tech giant Microsoft (MSFT) has been among the mega caps to clock all times highs, too. Microsoft has not only benefited from the explosive market, but also from a rising trend further accelerated by the viral outbreak.The shift to cloud based working environments has been a boon to Microsoft and has not gone unnoticed by Wedbush analyst Daniel Ives.The 5-star analyst noted, “Fundamentally speaking, the MSFT thesis during this COVID environment has been a two-fold strategy. The first phase has and continues to play out as MSFT’s Azure/ Office 365 product portfolio is holding...
