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Vaccine Headlines & M&A Lend Support

EQUITIES

Equities have traded on the front foot in early dealing this week, with some focus on the resumption of the previously halted phase three trials for AstraZeneca's COVID vaccine. Elsewhere, Pfizer CEO Bourla said it's "likely" the U.S. will deploy a vaccine for public use before year-end, per BBG. The remainder of the core markets space has been a little more subdued during Asia-Pac hours, with equity market participants perhaps a little more susceptible to swings in optimism re: COVID vaccine dynamics.

  • U.S. M&A activity has also supported sentiment and aided outperformance in the tech space, with news that Gilead Sciences will acquire biopharmaceutical company Immunomedics Inc. at a hefty premium vs. Friday's closing levels.
  • Elsewhere, news that Oracle is the preferred bidder for TikTok's U.S. operations is also helping the broader mood, although there may still be some twists and turns on that particular path.
  • SoftBank stole the headlines elsewhere, with rumours that its sale of Arm holdings to Nvidia may facilitate the privatisation of the group. Also worth noting that BBG sources have suggested that the group is "considering revamping a controversial strategy of using derivatives to invest in tech companies, and its executives have met with investors in recent days to assure them that the bets are relatively conservative."
  • Nikkei 255 +0.7%, Hang Seng +0.5%, Hang Seng +0.3%, ASX 200 +0.7%.
  • S&P 500 futures +42, DJIA futures +315, NASDAQ 100 futures +177.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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