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Financial Markets In U.S. Looking Towards Joe Biden’s Strategy For Economic Recovery Amid Rising Covid Toll

Financial markets conclude that the reform drives like tax hikes, capital taxes and more generous social welfare of President-elect Joe Biden should be postponed by the Senate, which should remain under the control of the Republican Party. Republicans are now guaranteed 50 out of 100 seats after the November 3 runoff, and expect to secure at least one more seat in Georgia’s second round which includes the last two Senate seats to be filled.

Joe Biden set up his coronavirus combat task force on November 9 as soon as his victory was declared, and he is actively planning to arrive at the White House on January 20. It is predicted that President-elect and his future Vice-President Kamala Harris will talk about their economic recovery plan on Monday.

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This speech will be closely followed, as the second wave of coronavirus has been increasing in the United States since the end of October, with a strong rise in cases, but also in hospitalizations.

The financial market also get traction at start of the week like it has got last week. But this time the star of the day was Moderna Inc (MRNA) that rose up 9.5 percent as it reported a 94.5 percent efficacy of its Covid-19 vaccine in phase 3. The refrigerated vaccine will however be stable for 30 days. Therefore, in the first intermediate analysis of the Phase 3 Covid study, the Moderna vaccine candidate achieved its primary efficacy goal.

95 confirmed cases of Covid-19 among the participants were included in the first analysis. Moderna Inc (MRNA) intends to submit to the U.S. an emergency use authorization application. In the coming weeks, the FDA indicates that the EUA request at issue will be based on a final analysis of 151 cases and a median follow-up period of more than two months. This year, Moderna has added five times to its value on the stock exchange.

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