Global stocks edge lower despite the UK's approval of Pfizer and BioNTech's COVID-19 vaccine

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Approval of a highly effective vaccine may mark the beginning of a new bull market for equities, a global market strategist said.

This is likely because the pound is down 0.4% against the dollar and 0.5% against the euro after reports of tension within the EU over the number of concessions Brexit negotiatorBut other market watchers were looking beyond some of the shorter-term drivers.

"Approval of a highly effective vaccine may mark the beginning of the end to the COVID-19 economic turmoil and the beginning of a new bull market for equities," said Mike Bell, global market strategist at JP Morgan Asset Management."The scientists have come to the rescue and delivered what investors were hoping for Christmas this year."

Bell predicted that as this year's savings are spent next year, the global economy should boom, driving corporate profits and equities higher in 2021.

 

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