- Stocks rose on Thursday after results showed
Pfizer announced positive results on Wednesday to an early stage vaccination trial. - Pfizer said patients created between 1.8 and 2.8 times the antibodies seen in those who have recovered from COVID-19.
- One market analyst said the "v-shaped recovery gnomes, are once again, reaching for the sky."
- But traders are awaiting US Non Farm Payroll data for further direction in the market.
Global
All major stock indices, in Asia and Europe, as well as US futures were in green.
On Wednesday Pfizer revealed positive early-stage trial results for its coronavirus vaccine.
Pfizer's human trial involved 45 participants aged 18 to 55 receiving either 10, 30, or 100 microgram doses of the BNT162b1 vaccine or a placebo over a 21 day period. The compound successfully created antibodies for combatting the coronavirus in all participants receiving two of the 10 or 30 microgram doses, according to a Wednesday release.
Pfizer said patients created between 1.8 and 2.8 times the antibodies seen in those who have recovered from COVID-19.
Jeffrey Halley, senior market analyst, Asia-Pacific at OANDA, said: "Based on a vaccine trial containing 45 people, including placebos, the v-shaped recovery gnomes, are once again, reaching for the sky."
Naeem Aslam, chief market analyst at Avatrade, said: "The positive news on coronavirus vaccine trial data that came out yesterday still has a positive influence on the sentiment. But the reality is that we are still long way away from home as these results are still very much associated with earlier trial data.
"The odds for any kind of vaccine becoming available are still remote," he cautioned.
Here's the market roundup as of 10.20 a.m in London (5.20 a.m. ET):
- Asian indexes were up with China's Shanghai Composite up 2.1%, Hong Kong's Hang Seng up 2.9%, and Japan's Nikkei up 0.1%.
- European equities were up, with Germany's DAX up 2%, Britain's FTSE 100 up 1%, and the Euro Stoxx 50 up 1.9%.
- US stocks are set to open higher. Futures underlying the Dow Jones Industrial Average, the S&P 500, and the Nasdaq between 0.6% and 1%.
- Oil prices rose, with West Texas Intermediate and Brent crude both up around 0.6%
- The benchmark 10-year Treasury yield fell to 0.67%.
- Gold rose 0.1% to $1,782 per ounce.
Traders were also upbeat ahead of US Non-Farm Payroll data after last month's extraordinary jobs report.
US employers added 2.5 million payrolls in May, defying expectations of 7.5 million jobs lost, baffling markets and economists.
The ADP employment report released Wednesday showed that US private payrolls grew by 2.37 million in June, less than the 2.8 million that economists surveyed by Bloomberg expected.
Aslam said they are two scenarios markets are expecting from the Non-Farm Payroll data, due later today.
"If today's US NFP number shows that the unemployment rate has worsened rather than improving, we could see risk aversion. Speculators are likely to sell the stock market because it will confirm that the economic recovery is not as strong as previously anticipated," he said.
Aslam added: "If the US unemployment rate falls and with no significant downward revision to the May report, investors may feel relieved. Everything will more sense and qualms around the second coronavirus cases may begin to fade away. US equity market will continue its upward trend as bulls may find themselves in a much better place."