Alec Hogg: Mr Market hot and happy over Pfizer vaccine breakthrough
Everyone loves the concept of disruption – until it's their life that's being turned upside down. In truth, the human condition craves routine. Investment markets even more so as they thrive on certainty. Little wonder the world's biggest equity markets are celebrating a promised return to normality after four disruptive Donald Trump years and nine months of Covid-19.
Last night SA time was the first opportunity US investors had to react to the replacement by a 77-year old moderate of a president whose speciality seemed to be causing chaos in the global economy. The appreciative mood was supported by news of a breakthrough against Covid-19 from drug company Pfizer after a large trial concluded its soon-to-be-available vaccine was 90% successful.
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