Dear subscribers,
Clearly, the prospect of one vaccine - or rather several vaccines - and large-scale vaccination campaigns changes everything.
For our lives, for the economy… and for the financial markets.
The discoveries of Pfizer and BioNtech as well as Moderna impacted stock prices as surely as a dose of amphetamines.
Result: a record November on the stock markets.
Paris gained 20%, Frankfurt almost 15% and London more than 12%.
It's even better in the South: 23% in Milan and 25% in Madrid.
Is this overkill?
I leave it to everyone to judge.
But to those who are interested in the stock market and who, like me, tend to worry about its capacity for euphoria, I would like to point out this blog post from the Banque de France which puts the perceived overvaluation of the equity markets into perspective. 'at the end of 2019.
The stock markets had a record November.
Alexandr Mitiuc - stock.adobe.com
Today, there are reasons for optimism, since it is the faster than expected return to a form of normality that can now be envisaged.
This is
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