Milan
World stocks climbed to new record highs on Monday as a promising vaccine development from Pfizer PFE.N and expectations global trade ties will improve under U.S. President-elect Joe Biden boosted risk appetite.
Markets started to trade on the prospect of a Biden presidency last week, but the Democratic candidate’s projected victory on Saturday gave more fuel to the move.
Further boosting sentiment was data showing that Pfizer’s experimental vaccine was more than 90% effective in preventing Covid-19, potentially a big move forward in the fight against the pandemic.
The MSCI world equity index .MIWD00000PUS, which tracks shares in 49 countries, rallied after the news broke to reach another record high, up more than 1% on the day.— Reuters
