COVID VACCINE 90 PER CENT EFFECTIVE IN PHASE 3 TRIALS
▶ Pfizer inoculation defies expectations in ‘ big step towards controlling the pandemic’
Top scientists reacted positively to early results suggesting that Pfizer and BioNTech’s coronavirus vaccine is more than 90 per cent effective.
The findings appear to exceed expectations – experts thought vaccines would be nearer to 60 per cent or 70 per cent effective.
The data comes from Phase 3 clinical trials that are continuing. Further results are expected later in the month.
David Taylor, professor emeritus of pharmaceutical and public health policy at University College London, described the results as “a big step towards controlling the pandemic”.
Should the vaccine be given approval for widespread use, a maximum of about 50 million doses would be available this year, with capacity for 1.3 billion more to be manufactured next year, according to Pfizer and BioNTech.
While reports indicate it causes side effects, such as aches and fever, these are not thought to be worse than what is often seen with vaccines.
David Salisbury, an associate fellow at the London think tank Chatham House and former director of immunisation at the UK Department of Health, said “90 per cent is a great result”.
He said it remained to be seen how safe the vaccine is and how long protection lasts.
“Everybody is excited about a vaccine with 90 per cent reported efficacy,” he told The National. Pfizer and BioNTech said there have been 94 Covid- 19 cases among the 43,538 participants, and the trial will continue until there are 164 cases.
Toxicity was a potential concern because the vaccine has messenger RNA ( mRNA), a type of genetic material. No mRNA vaccines have been approved for use in humans.
“The trial data shows excellent results in both of those areas, really impressive protection and no reported adverse events,” Ian Jones, a professor of virology at the University of Reading in the UK, told The National.
“The only things we will not know for some time is the longevity of the response in all age groups, but assuming antibody [levels] are high that should be at least as good as any other vaccine currently in trial.
“More generally, this would appear to indicate that this approach has legs and is likely to be useful for other emerging diseases.”
Global stocks surged on the news, and Pfizer’s shares were up 9.6 per cent at 12.31pm in New York yesterday.
The S&P 500 index was up 2.9 per cent, the Dow Jones Industrial Average climbed 3.9 per cent to a record high and the Nasdaq 100 index was 0.8 per cent higher.
Oil prices also soared, with Brent crude trading 7.3 per cent higher at $42.56 per barrel and US benchmark West Texas Intermediate up 8.1 per cent.
The Euro Stoxx 50 index was up 6.4 per cent, Germany’s DAX climbed 5.2 per cent and the FTSE 100 rose 4.9 per cent.
The improved outlook worldwide led to a decline in the price of safe havens, with spot gold prices dropping 5 per cent to $1,854.07 per ounce.
Gold futures also traded 5.1 per cent lower.
Global stocks surged yesterday after news that a vaccine under trial by Pfizer for Covid-19 proved more than 90 per cent effective. And investor expectations of further stimulus rose after the election of Joe Biden as US President.
Pfizer shares were up 9.6 per cent at 8.31pm UAE time yesterday after the company said an interim analysis from a phase 3 trial of a vaccine it is developing with BioNTech was found to have a 90 per cent efficacy rate within seven days of a second dose being administered.
The S&P 500 index was up 2.9 per cent, picking up from last week’s rally, the strongest weekly jump for the benchmark since April, while the Dow Jones Industrial Average climbed 3.9 per cent and the Nasdaq 100 index was 0.8 per cent higher.
The Euro Stoxx 50 market was up 6.4 per cent, Germany’s Dax climbed 5.2 per cent and the FTSE 100 rose 4.9 per cent.
Oil prices also soared on news of the vaccine and Mr Biden’s victory. West Texas Intermediate, the benchmark for US crude, was up 8.1 per cent. Brent jumped 7.3 per cent to $42.56 per barrel.
As investor sentiment became more upbeat, spot gold slid 5 per cent to $1,854.07 per ounce. “Pfizer’s vaccine news brings us one step closer to normal living,” said Naeem Aslam, chief markets analyst at Avatrade.
“There is no doubt that we are getting more and more good news as we approach the end of this year.”
Shares had already closed higher in Asia and had been climbing in Europe after Joe Biden was declared the 46th president of the US over the weekend.
“As the US election overhang clears, market dispersion rises as a period of risk-friendly casual looks to follow the post- election frenzy,” said Stephen Innes, chief global market strategist at Axi. “Monetary policy can help extend post-election rallies in risk sentiment, creating a bridge to a post-vaccine environment.”
Although Donald Trump continues to refuse to concede election results and vows to explore legal options, markets are taking cues from the president-elect, who has begun his transition efforts.
There is a growing sense the election will not be contested and in his victory speech Mr Biden promised swift and concerted efforts to control the pandemic and reboot the economy.
Odds are pointing to a divided government, but more fiscal support for struggling businesses and people appears to be likely.
In Asia, The Nikkei 225 closed up 2.12 per cent, the Hang Seng was up 1.1 per cent and the Shanghai index finished the session 1.96 per cent higher.
“Across Asia, the picture is much the same – a sea of green,” said Jeffrey Halley, senior market analyst for Asia Pacific at Oanda.
“I expect the Biden afterglow to withstand any tweets from the White House or threats of legal challenges. That should be the theme of the entire week.”
Mr Biden is perceived in Asia as being likely to “re- engage in international trade”, a positive for Asian economies, he said. “There may also be some dialling down of the geopolitical tension in the region,” he added.