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EGB Supply For W/C Sep 20, 2021


Sees broader base buying, led by risk


BLOCK, Oct 5Y Puts


2s/10s steepest since

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As part of an Instagram Q&A session, French President Emmanuel Macron stated that a third COVID-19 vaccine booster shot may only be required for the elderly and vulnerable. There has been rising speculation in many heavily-vaccinated developed nations that a third shot may be required to boost immunity levels going into the autumn and winter.

  • This potential strategy has been slammed by the WHO and developing nations, who have argued the pandemic will be more effectively controlled by ensuring as many people around the world have two shots, rather than those in developed markets having three.
  • Nevertheless, French authorities have expressed concern about the spread of the Delta variant, which has hit the UK and caused significant new case spikes, and is beginning to cause an uptick in new French cases. As such, talk of a vaccine booster may seek to quell any public concern about the state's response to the pandemic in France.
Chart 1. French COVID-19 Cases and Fatalities, Nominal and % chg d-t-d (5dma)

Source: JHU, MNI