The success report on the vaccine from Biontech and Pfizer is driving the Dax up strongly. He gains more than 6 percent and skips the 13,000 point mark. Biontech is also making strong gains on the Frankfurt Stock Exchange.
An expected significant success in the development of a corona vaccine has given Europe's stock exchanges a strong boost. The Dax regained the 13,000 point mark for the first time since mid-October. At lunchtime it last increased by more than 6 percent to 13,236 points. That is the biggest price jump in half a year. The leading Eurozone index EuroStoxx 50 even gained 7 percent to 3428 points, and Paris, London, Milan and Madrid also continued to climb steeply.
As the Mainz-based pharmaceutical company Biontech announced, its vaccine offers more than 90 percent protection against infection with the coronavirus, according to interim results in an important study phase. Biontech and the US pharmaceutical company Pfizer now want to apply for approval from the US FDA shortly.
Previously, the victory of the Democrat Joe Biden in the US presidential election campaign drove the recovery rally in the Dax and across Europe again after a setback on Friday. In the meantime, the Dax has now wiped out the gap from October when the second corona wave with its partial lockdowns had the economic worries of investors flare up again.
Carsten Brzeski, chief economist at ING Bank in Germany, commented on current events on the trading venues: "The more important driver of the economic outlook are currently external factors. This is currently the development of a vaccine." Against this background, the news will be followed closely. "Our base scenario is still that a vaccine will be available and distributed by the end of the year. A cause for concern would be negative news from the tests. This would cloud the outlook for the economy."
Analyst Timo Emden from Emden Research assessed: "This is the success story that the stock exchanges have longingly been waiting for. While the corona virus is wreaking havoc in the euro zone, the stock exchanges are already pricing in the time after corona." Now expectations are likely to grow. "The early praise we received today will have to come true at the end of the day."
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