How Has News of the Pfizer Vaccine Affected GCC Markets?

How Has News of the Pfizer Vaccine Affected GCC Markets?

Interrupting mounting fears over the second wave of the COVID-19 outbreak that has already started around the world, the announcement of a 90% successful vaccine developed by Pfizer and BioNTech has positively impacted markets in the MENA region and elsewhere.

Unlike the economic meltdown that affected global markets last Spring as countries imposed nation-wide lockdowns and urged residents to stay at home hoping for quick control of the viral outbreak, news of a successful vaccine in the final stages of development has refreshed hopes of an end to the economic recession that has been amongst 2020's most defining events.

As soon as Pfizer and BioNTech announced last Monday that their vaccine trials are making progress with a 90% success rate and that more than 1.3 billion doses will be produced during 2021, stock markets soared