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FTSE 100 hits nine-month high after vaccine optimism

by LLB Editor
4th Dec 20 9:41 am

The blue-chip index FTSE 100 has jumped to a new nine-month high this morning, as investors hope that 2021 will bring better economic times.

The FTSE 100 has gained 40 points, or 0.6%, to 6,530 points — its highest level since the first week of March, when global markets were in meltdown as the Covid-19 pandemic swept the globe.

Fiona Cincotta of Gain Capital said: “News that Pfizer has cut its rollout target for the covid vaccine by half, owing to supply chain obstacles has knocked risk sentiment. Vaccine optimism put the markets on a stellar run across November as investors priced in the end of the pandemic and a return to pre-pandemic growth, regardless of the dire few months expected before the vaccine becomes widely available. Then news from Pfizer means that it could now take longer to reach the end of the pandemic tunnel, but with other vaccines also coming, this is more of a setback rather than risk reset news.

However, optimism surrounding a large US economic stimulus package is helping lift US futures after the close. A $908 billion rescue package in the world’s largest economy now appears within reach, offering support to the global risk sentiment picture, off-setting some vaccine disappointment

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