Global stocks rally as Covid-19 vaccines lift hope, dollar eases

Pfizer Inc and BioNTech SE on Saturday proposed expanding their Phase 3 Covid-19 vaccine trial to about 44,000 participants, while increasing the diversity of the trial population. — Reuters pic

NEW YORK, Sept 15 — The dollar weakened and world stock markets rallied yesterday on encouraging signs of progress in developing a Covid-19 vaccine, while several multi-billion dollar deals also helped lift the spirit of investors after the downdraft in the past two weeks.

Gold jumped almost 1 per cent as the dollar slid and bond yields were stable as investors gauge how the US Federal Reserve will put its new approach to monetary policy into practice and keep its dovish stance at this week’s policy meeting.

Pfizer Inc and BioNTech SE on Saturday proposed expanding their Phase 3 Covid-19 vaccine trial to about 44,000 participants, while increasing the diversity of the trial population.

Drugmaker AstraZeneca also said on Saturday it has resumed British clinical trials of its Covid-19 vaccine, one of the most advanced in development, after getting the green light from safety watchdogs.

Enrollment of new patients and other trial procedures for AstraZeneca’s pivotal US trial were being rescheduled until at least midweek and it was not clear how long it would take for a US investigators to complete a probe, sources told Reuters.

“The market reacts positively to any vaccine news,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. “We’re going to see a lot more vaccines come out, and that is what really is helping the markets.”

The World Health Organisation reported a record one-day increase in global coronavirus cases on Sunday, with the total rising by 307,930 in 24 hours. The biggest increases were from India, the United States and Brazil.

“There is still some caution in markets because US virus

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