The reaction of markets last week to Pfizer’s announcement that its vaccine has proved 90% effective in trials gave investors a taste of the potential recovery to come. UK stocks – which have dramatically underperformed their US counterparts delivered their best week since April, with the FTSE 100 gaining 6.9% and the FTSE 250 up 7.6%.
Brexit: if last week wasn’t the week, will this finally be the week we know more? The supposed November 15 deadline for an agreement on the post-Brexit landscape came and went and now this week is being billed as the crunch week for negotiations, although some sources suggest the talks could stretch out longer still. UK Prime Minister Boris Johnson has been distracted with the exit of key advisors and had to self-isolate this weekend due to exposure to someone who later tested positive for Covid-19. GBP doesn’t seem to mind the latest extension of the uncertainty as EURGBP remains below the key 0.9000 level, but it is time for a breakthrough soon.
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