Gold dips as vaccine progress offset worries over rising cases
· Gold prices eased on Wednesday as optimism about Pfizer’s successful vaccine trials countered concerns over rising coronavirus infections and bets for further economic support.
· Spot gold was down 0.3% to $1,872.38 per ounce. U.S. gold futures settled down 0.6% at $1,873.90.
· U.S. drugmaker Pfizer Inc said it was set to apply for emergency U.S. authorization after final results from its vaccine trial showed a 95% success rate with two months of safety data.
· “The rollout of positive vaccine developments is reducing gold’s lure as a safe haven. (Although) it still seems to be in a trading range, the big moves up seem to be finished for now,” said ED&F Man Capital Markets analyst Edward Meir.
”(Vaccines) seem to be progressing quickly and there are several others also in the pipeline ... that should help the global economy recover and be net bearish for gold. But in the meantime, the fact that we’re not out of the woods yet and need more stimulus seems to be offering some support,” Meir said.
· Gold, considered a hedge against inflation and currency debasement, has gained 24% this year, benefiting from massive global stimulus and near zero-interest rates.
· “It is worth recalling that the driver of investment flows into precious metals has ultimately been sourced from a powerful impulse lower in real rates,” TD Securities said in a note. “The U.S. Federal Reserve’s continued attempt to spark higher inflation expectations should suppress real rates deeper into negative territory. This will continue to drive investment appetite for precious metals, as capital seeks to shelter itself from increasingly negative real rates.”
· Silver fell 0.5% to $24.34 per ounce, palladium gained 1.3% to $2,348.78.
· Platinum climbed 1.9% to $942.53. The World Platinum Investment Council projected a market deficit in 2020 and 2021.
Pfizer says final data analysis shows Covid vaccine is 95% effective – plans to submit to FDA in ‘days’
Pfizer and BioNTech said Wednesday that a final data analysis found their coronavirus vaccine was 95% effective in preventing Covid-19 and, in addition, appeared to fend off severe disease.
BioNTech says vaccine approval possible in mid-Dec under ideal conditions
Chief Executive Ugur Sahin said if all goes well, the U.S. Food and Drug Administration could grant emergency-use approval towards the end of the first half of December or early in the second half.
Pfizer-BioNTech vaccine deliveries could start 'before Christmas'
Moderna’s coronavirus vaccine maker identifies ‘big challenges’ to mass production
Vaccines need to be produced and transported in specific (and cold) conditions otherwise they can be rendered ineffective; this poses a huge challenge for global drugmakers when it comes to vaccine distribution.
Temperature, and keeping the vaccines cold enough during transportation, is another big challenge.
Pfizer’s vaccine requires a storage temperature of minus 94 degrees Fahrenheit, or -70 degrees Celsius. By comparison, Moderna said on Monday that its vaccine remains stable at 36 to 46 degrees Fahrenheit — the temperature of a standard home or medical refrigerator — for up to 30 days. It can be stored for up to six months at minus 4 degrees Fahrenheit.
FDA said to plan advisory meetings to discuss vaccines ahead of potential authorization
CORONAVIRUS UPDATES:
Global cases: 56.53M (+599,116)
Global deaths: 1.35M (+10,777)
U.S. cases: 11.86M (+167,149)
U.S. deaths: 256,184
India cases: 8.95M
Brazil cases: 5.94M
Russia cases: 1.99M
State and city leaders impose targeted restrictions to curb Covid
As the coronavirus seeps into nearly every corner of the U.S., a handful of states and cities are closing nonessential businesses, limiting public and private gatherings and imposing mask mandates to try to slow the rapid spread ahead of the winter season.
Without a cohesive federal plan, officials are reinstituting some of the stay-at-home orders, curfews and other public safety measures that were rolled back over the summer and fall. Many governors and mayors have made it clear, however, that they don’t want to shut down the economy again like many did in March and April at the outset of the outbreak.
U.S. is in an ‘absolutely dangerous situation,’ Giroir says
The United States is in the midst of an “absolutely dangerous situation” as the coronavirus outbreak continues to worsen, assistant secretary of health Adm. Brett Giroir said.
U.S. travel restrictions at Canada, Mexico borders set to be extended until Dec. 21: official
WHO warns vaccine won’t help fight current wave of Covid infections
Dr. Mike Ryan, executive director of the World Health Organization’s health emergencies program, said that a coronavirus vaccine this winter won’t help countries beat back the current wave of Covid-19 infections.
Gottlieb says Covid stimulus, sacrifice needed for possibly ‘the last time’
Former Food and Drug Administration chief Dr. Scott Gottlieb called on Americans to take steps to reduce coronavirus spread, while also urging Congress to provide fiscal support to aid businesses such as bars and restaurants that may be ordered to close as the crisis worsens.
“This may be the last time we have to do it, so we really should do what we can to try to preserve life over the next two or three months, recognizing that there’s really a better future ahead of us, with respect at least to Covid-19 in 2021,” Gottlieb said on CNBC’s “Squawk Box.”
NY Fed's Williams says rapid increase in virus infections could hurt economy
The U.S. economy is now affected more by swings in coronavirus infections than it is by restrictions on certain activities, and a surge in infections could slow growth, New York Federal Reserve Bank President John Williams said on Wednesday.
“If COVID spreads rapidly that’s going to hurt the economy,” Williams said during a virtual event organized by the Society for Advancing Business Editing and Writing.
Fed's Barkin: 'let's see how it goes' on whether more QE needed
Richmond Federal Reserve Bank President Thomas Barkin on Wednesday said the central bank continues to add policy accommodation with its monthly bond purchases, but held out the possibility of the central bank doing more.
“Every month we engage in those asset purchases is more stimulus,” Barkin said in an interview with Yahoo Finance. “That’s a lot of support to the economy. In terms of whether we do something different or more, let’s just see how it goes. We are projecting a lot - let’s see how it goes.”
Close to 50% chance that Fed will ease before December meeting: Standard Chartered
Steve Englander of Standard Chartered Bank says the Fed could announce more easing before its December meeting if Covid-19 cases in the U.S. keep rising.
Cramer rips Congress over failure to pass Covid stimulus, says it has ‘doomed’ small businesses
Don’t expect business travel to bounce back anytime soon, start-up founders say
The coronavirus pandemic has forced industries to rethink how they do business, resulting in a “new normal” that’s here to stay, according to two start-up founders.
Many small retailers were forced to shift to e-commerce platforms in an attempt to survive the pandemic’s disruption to everyday life.
France says countries could move ahead on EU budget without Poland, Hungary
Hungary and Poland blocked the adoption of the 2021-2027 budget and recovery fund at a meeting of ambassadors of EU nations on Monday, over a clause making access to money conditional on respect for the rule of law.
Biden says U.S. agency is blocking transition, slowing coronavirus efforts
Half of Republicans say Biden won because of a 'rigged' election: Reuters/Ipsos poll
Georgia to finish election recount on Wednesday: state official
Georgia recount not likely to change Biden victory: state official
Wisconsin to hold partial vote recount as fuming Trump denies defeat
Pennsylvania high court to hear Trump challenge to thousands of votes
The Pennsylvania Supreme Court said on Wednesday it would take up an appeal by President Donald Trump’s campaign challenging thousands of mail-in votes cast in Philadelphia that were missing information on the return envelopes.
The lower Court of Common Pleas ruled on Friday against the Trump campaign which sought to invalidate 8,329 ballots in Philadelphia, the state’s biggest city, because envelopes lacked information such as printed names, the date or addresses.
The campaign has not alleged the ballots were fraudulent.
House Democrats back Pelosi for another term as speaker
Reference: CNBC, Reuters, Worldometers
Thai
Eng