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Canadian dollar unchanged to USD as equity markets start to adjust to another new normal

By Dragon Tehrani | Nov 10, 2020

As a result of Pfizer BioNTech’s announcement yesterday, not only did stock markets rally significantly it also what is known as a market rotation. This means that investors were selling stocks that benefitted from the pandemic, basically anything that benefitted from staying at home, to stocks that will benefit in a post pandemic economy. The big winners were the hotel and travel industries, while video game and in home, work- out stocks fell.

Canada today announced its own vaccine positives, a company out of Quebec called Medicago says it has received promising early test results for its plant-derived vaccine for COVID-19. It says interim results of a Phase 1 clinical trial found that 100 per cent of subjects developed a promising antibody response after two doses of its COVID-19 vaccine candidate. Medicago says the side effects were generally mild to moderate and short in duration. Based on the Phase 1 data, Medicago plans to proceed with a Phase 2/3 clinical trial for its COVID-19 vaccine candidate, subject to regulatory approval.

Investors are looking at not just stocks and the new post pandemic normal, interest rates will come back into play in large way, while central banks have said that they have put rates on hold , if inflation was to suddenly spiral, then all  bets are off.

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