ONLINE FOREX BROKER
2020-08-21 • Updated
The coalition of Pfizer and BioNTech have announced that the regulatory review of the Covid-19 vaccine is scheduled for October. This positive news may add some tailwinds to the Pfizer stock.
Their vaccine is going through the second phase of trials in the USA and Germany now. According to Pfizer, the vaccine is “well tolerated with mild to moderate fever in fewer than 20%” of participants. It’s one of the fast-developing and promising vaccines as in July Pfizer and BioNTech have signed a deal with the US government to produce 100 million doses of its vaccine for 2 billion dollars. Companies are planning to reach same agreements with Canada, the UK and Japan. Some analysts believe this vaccine may be approved for use in the USA in November as a strategic move of Donald Trump during his re-election. If it really happens, it will make the vaccine of Pfizer and BioNTech a clear frontrunner. However, more realistic deadlines are set for the end of this year or early 2021.
Moreover, Pfizer has other successful products except from the vaccine such as Ibrance and Eliquis. Therefore, the company will prosper independently of the Covid-19 vaccine’s effectiveness. The pharmaceutical company has increased its dividend payments by 35.7% over the past 5 years. That made it a highly reliable company in the eyes of investors. Pay closer attention to BioNTech as Pifzer has lost 1% of its’ value since the beginning of this year, while BioNTech has surged by 95%.
Let’s look at the charts. Pfizer is trading just below the key resistance of $39.00. If it manages to cross it, it may jump to the psychological mark of $40.00. Otherwise, if it falls below the low of August 11 at $37.75, it may dip down to the 200-day moving average at $36.50.
Vaccine hopes may drive BioNTech above the close resistance of $71.50. If it rises above it, the way to the high of August 3 of $85.00 will be clear. On the flip side, if it drops below the low levels of early July at $63.00, it may slump to $58.00.
Oil prices rebounded slightly on Friday but are still expected to show losses for the week due to concerns about slowing growth in the US and China. US crude futures rose 2.7% to $70.41 per barrel, while the Brent contract increased by 2.5% to $74.33 per barrel.
More and more analysts are sure Brent oil will surpass $100 a barrel. So how heavily will oil move the markets, and what will the direction of the movement be? Let's find out!
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Let's dive into the latest developments shaping the global economic landscape. Good news first: the threat of an unprecedented US debt crisis has receded, as US lawmakers passed a bill to raise the debt ceiling and avoid a catastrophic default. Phew! But don't pop the champagne just yet, because storm clouds are still looming. High inflation, rising interest rates, and sluggish growth are challenges that have yet to disappear.
Thanks to the incredible advancements in horizontal drilling and fracking technology, the United States has experienced a mind-blowing shale revolution. They've become the heavyweight champion of crude oil production, leaving Saudi Arabia and Russia in the dust. They even turned the tables and became net exporters of refined petroleum products in 2011.
Let's dive into the world of gold. Currently, the price of gold, represented by XAUUSD, is stuck in indecision, hovering around the $1,975 mark. The market is anxiously awaiting two important factors: the release of the Federal Reserve's meeting minutes and the extension of the US debt ceiling.
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