Drugmakers say vaccine is ‘effective’
The pharmaceutical firms Pfizer and BioNTech said that, in trials so far, their covid-19 vaccine candidate was 90% effective with the second dose. Scientists had been hoping for a 60%-75% effective rate. Testing continues. The companies are expected to apply for emergency authorisation the third week of November. The first doses could be available later this year, but most doses will not begin to ship until 2021. Sources: CNBC, Economist, Financial Times, The Guardian and NPR.
Stocks rally on vaccine news
Global financial markets surged on the potential covid-19 breakthrough. Travel and tourism shares, as well as energy and finance, did well. Companies that had benefitted during the pandemic, such as delivery services and videoconferencing, were down. Sources: Deutsche Welle, Financial Times, The Guardian and RTE.
Another potential vaccine to begin trials
Novavax said it was granted “fast track” permission to begin critical phase 3 testing of its covid-19 vaccine candidate in the US and Mexico later this month. It already started trials in the UK. Sources: Marketwatch, Reuters and Seeking Alpha.
Covid-19 treatment gets interim OK
The US Food and Drug Administration granted emergency authorisation to Eli Lilly’s covid-19 antibody treatment, intended to treat mild to moderate cases outside of a hospital. Sources: Financial Times, Marketwatch and Reuters.
Biden appoints coronavirus advisors
Joe Biden named 13 health experts to his covid-19 taskforce, which will be co-headed by a former Food and Drug Administration chief, a former surgeon general and a Yale professor. Sources: Deutsche Welle, New York Times, NPR and RTE.
Luxembourg ‘R’ number drops below 1; hospitalisations below 200
The coronavirus reproduction rate in the grand duchy fell to 0.82 on Sunday, down from 1.05 last week and below the benchmark threshold of 1. Out of 1,079 PCR tests performed, 180 Luxembourg residents were positive. That’s a rate of 28.75 per 100,000 inhabitants (down from 91.04 on Saturday). 193 patients were in hospital (down from 204), including 40 in intensive care (up from 36). Five people died, bringing the total number of covid-19 fatalities to 193. Sources: Delano and Luxembourg health ministry.
Police checks on curfew compliance
Luxembourg’s police force said on Monday that over the previous week they had issued 15 citations to bars, restaurants and shops for not observing health measures or closing times. Police fined 180 people for breaking the 11pm-6am curfew. Source: Luxembourg police.
Trump sacks cabinet member
Donald Trump has “terminated” Mark Esper as defence secretary. Sources: BBC, CNBC, Economist and Reuters.
Russia brokers Armenia-Azerbaijan accord
Armenia, Azerbaijan and Russia have signed Nagorno-Karabakh peace deal, ending several weeks of clashes. Sources: AFP, BBC, Deutsche Welle and The Guardian.
Low inflation forecast in Luxembourg
Statec estimated that prices in the grand duchy would rise 0.9% this year and 1.8% in 2021. The next round of indexation (automatic increases in wages and pension payments) could happen in the fourth quarter of 2021 (under a higher inflation scenario) but more likely will not take place before 2022. Source: Statec.
Kleos sends 4 into orbit
Luxembourg-based space outfit Kleos has successfully launched four observation satellites. Sources: Delano and Paperjam.
Luxair deal to avoid layoffs
National carrier Luxair, trade unions and the government inked an accord that will save some 600 staff from being made redundant. Sources: Delano, Paperjam and 100,7 public radio.
Norwegian Air: “very uncertain future”
Norway’s government declined to provide another round of aid for the budget carrier Norwegian Air. The airline said it would run out of cash in the first quarter of 2021. Sources: BBC, Financial Times and The Guardian.
McDonald’s surprises investors
The fast food giant McDonald’s posted much better than expected third quarter earnings. While its international business slumped, US same-store sales were up 4.6%. Sources: CNBC, Investor’s Business Daily and Marketwatch.
Agenda
Tuesday 10-Wednesday 25 November: Mind & Market startup pitches. Wednesday 11 November, 4pm: International School of Luxembourg webinar on women leaders in IT. Thursday 12 November, 2pm-5:15pm: Paperjam Club’s “Virtualization of assets and contracts: you token to me?” legal workshop. Thursday 12-Friday 13 November: International student fair. Wednesday 25 November, 9am-5pm: LPEA’s annual summit, “designed for and by private equity practitioners”.
100 year old message in a capsule
A couple in the French region of Alsace found a well-preserved message apparently sent by a Prussian soldier in either 1910 or 1916 via carrier pigeon. Sources: AFP and Brussels Times.
Today’s breakfast briefing was written by Aaron Grunwald