Originally Posted by
CCTV
Trumpy had claimed a vaccine was going to be ready by the end of the year, often fact checked as false/lies.
Wonder how the withholding of this data till after the election will go down with his supporters ? Seems in the current environment that choice made cannot escape politicisiation despite the rationalisation.
I'd suggest the stock markets are reacting as they have done with regard to us election results as
1) they know Biden will not deliver a Sanders manifesto, 2 dnc primaires know with scandals to keep him out
2) they like seeing what most seem to think will be a division of power - house of reps less of a dem majority, Senate expected to hold a rep majority, president more likely Biden. State legislatures, Senates, Governors iirc, trifectas rep majority nationally.
3) Biden it seems will be more friendly with China in terms of tariffs and in not seeking a decoupling, so that is a positive for a good few stocks that are invested in China, while his historical record would be welcome to Raytheon etc being more of an interventionist.
I'm fairly certain he was making that claim in reference to the vaccine trials that are part of his administration's 'Operation Warpspeed' initiative.
Pfizer was not part of that initiative and therefore can't be held to whatever political promise he may have made regarding them. (it's actually a large part of the reason why they declined to be a part of it).
Secondly regardless of whether it's Pfizer or any of the other companies that were part of that operation warpspeed, any company that was likely to have a vaccine announcement ready for the end of the year was always going to come with the caveat that it STILL won't be available for majority of the public before early next year.
With the Pfizer vaccine, their results have to be peer-reviewed by the rest of the medical community, as well as certified by the FDA - a process which could take anywhere between a few weeks to a couple of months - before they can be allowed to start distribution and sales.
The same would likely be true for any other company that had (or will have) their vaccines ready before the end of the year.
You - Joe Average - are likely not going to get your hands on it before probably sometime in mid-summer or fall of next year (assuming you're not a First responder, Medical Frontline worker or a Pensioner)
So at the end of the day it was a hollow campaign political promise, lacking any actual meaning or significance whatsoever.
In other words, it might as well have been a lie.
Sort of like a '...building a wall on your land and having your neighbour pay for it' - type meaningless and hollow promise.
As for the stock markets, they are merely reacting to the prospect of stability and lack of chaos in what would be a prospective Biden administration.
That's about all that that is.
As much as they might have loved Trump's tax cuts, the markets generally don't like uncertainty and instability, and Trump brought a whole lot of that with him to bear (Tarrif wars with China, trashing America's relationships with the EU and other traditional allies/partners, NATO etc...).
It should have been telling that despite the fact that they know that Biden will likely increase their corporate taxes again and get rid of some of Trump's tax cuts, no less than JP Morgan themselves released a report a couple of weeks ago predicting that the Economy would likely fare better under a Biden presidency and with Biden policies than it would with another 4 years of Trump.
So even his own primary constituency (rich corporate fat cats in Wall Street and billionaires) who've likely benefitted the most from his presidency, didn't think he'd be good for the Economy going forward.
'I got told there's an English phrase, 'You don't win trophies with kids'. I didn't know that' ... - Jurgen Klopp
Stone-Cold Savage!
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