cityam--2020-11-09--Airline stocks soar on Pfizer Covid-19 vaccine breakthrough

Airline stocks soared this morning after US pharmaceuticals giant Pfizer reported that early studies suggested its Covid-19 vaccine is 90 per cent effective .
Pfizer and its German partner BioNTech are the first firms to show successful data from a large-scale clinical trial of a coronavirus vaccine .
Read more : Breaking : Pfizer coronavirus vaccine ‘ more than 90 per cent effective ’ The companies said they have so far found no serious safety concerns and expect to seek US emergency use authorisation later this month .
Shares in Easyjet jumped 30 per cent to 692.4p following the news @ @ @ @ @ @ @ share price was up 38.75 per cent at 143.75p and Ryanair ’ s stock rose 16.16 per cent to 15.49 per cent on hopes that a vaccine could enable international travel to return to pre-pandemic levels .
Budget airline Jet2 saw shares surge 34.1 per cent to 1,229p and Wizz Air ’ s share price rose 15.4 per cent to 4,226p .
Shares in online travel agent Onthebeach also soared more than 25 per cent and Tui ’ s stock rose 26.13 per cent to 403.6p .
Read more : Social media firms @ @ @ @ @ @ @ Neil Wilson , chief markets analyst at Markets.com , said : “ Whilst we are not there yet , news that this vaccine could be highly effective is the best thing markets could hope for .
“ Public health officials will remind us there is a long road ahead , and many challenges will be faced along the way , but there is an enormous sense of optimism today – light at the end of the tunnel .
“ Let ’ s just hope the vaccine deniers won ’ t get in the @ @ @ @ @ @ @ lot brighter .
”

Airline stocks soar on Pfizer Covid-19 vaccine breakthrough
Figures from aviation analytics company Cirium show 10,218 flights are scheduled to leave UK airports between Good Friday and Easter Monday.(Photo by Dan Kitwood/Getty Images)
Airline stocks soared this morning after US pharmaceuticals giant Pfizer reported that early studies suggested its Covid-19 vaccine is 90 per cent effective.
Pfizer and its German partner BioNTech are the first firms to show successful data from a large-scale clinical trial of a coronavirus vaccine.
The companies said they have so far found no serious safety concerns and expect to seek US emergency use authorisation later this month.
Shares in Easyjet jumped 30 per cent to 692.4p following the news, British Airways owner IAG’s share price was up 38.75 per cent at 143.75p and Ryanair’s stock rose 16.16 per cent to 15.49 per cent on hopes that a vaccine could enable international travel to return to pre-pandemic levels.
Budget airline Jet2 saw shares surge 34.1 per cent to 1,229p and Wizz Air’s share price rose 15.4 per cent to 4,226p.
Shares in online travel agent Onthebeach also soared more than 25 per cent and Tui’s stock rose 26.13 per cent to 403.6p.
Neil Wilson, chief markets analyst at Markets.com, said: “Whilst we are not there yet, news that this vaccine could be highly effective is the best thing markets could hope for.
“Public health officials will remind us there is a long road ahead, and many challenges will be faced along the way, but there is an enormous sense of optimism today – light at the end of the tunnel.
“Let’s just hope the vaccine deniers won’t get in the way, but 2021 just got a lot brighter.”
More to follow


cityam--2020-11-09--FTSE 100 soars on Pfizer Covid-19 vaccine update and Biden victory

The FTSE 100 soared today after Pfizer said its experimental vaccine was found to be more than 90 per cent effective in preventing Covid-19 in an initial study .
The news sent global stocks , which were already rallying following news of Joe Biden ’ s victory in the US presidential elections , sharply higher .
Read more : Breaking : Coronavirus breakthrough as Pfizer vaccine ‘ more than 90 per cent effective ’ London ’ s blue-chip index surged as much as 4.23 per cent to 6,160.29 following the news .
The midcap FTSE 250 climbed 4.2 per cent @ @ @ @ @ @ @ IAG are up more than 20 per cent .
The pan-European Stoxx 600 soared 3.41 per cent , while futures for the US benchmark S & P 500 index hit a record high .
Pfizer and German partner Biontechare the first drugmakers to show successful data from a large-scale clinical trial of a coronavirus vaccine , a major victory in the fight against Covid-19 , which has killed over one million people globally .
The companies said they have so far found no serious safety concerns and expect to seek US emergency use @ @ @ @ @ @ @ .
Read more : Dominic Raab says Joe Biden and the US has ‘ no greater ally ’ than UK Global stocks had already hit a record high on Monday before news of the vaccine broke , as Biden ’ s victory helped equities extend last week ’ s gains .
MSCI ’ s All-Country World Index surpassed an intra-day high set on 3 September this morning after rising 0.5 per cent .
European shares surged following the positive news on the hunt for a vaccine .
In Germany , the Dax rose @ @ @ @ @ @ @ s CAC 40 climbed 5.51 per cent .
In London , all but three FTSE 100 stocks were trading higher , with only Avast , BT and Ocado in the red .
British Airways owner IAG surged over 27 per cent following the vaccine update from Pfizer , while hotels groups Intercontinental and Whitbread climbed 10.91 per cent and 11.94 per cent respectively .
Taylor Wimpey surged over 18.5 per cent after the blue-chip housebuilder said it was on track to deliver annual results above market expectations .
Fellow housebuilders Persimmon and Baratt @ @ @ @ @ @ @ update , climbing 7.36 per cent and 9.43 per cent respectively .
“ At the moment , it ’ s just more relief over election result than anything else , ” said Neil Wilson , chief market analyst at Markets.com .
“ Brexit is potentially a big risk right now as we approach this end game and we ’ re just sort of clutching at straws with guessing what the most likely outcome is.
” Before the Open newsletter : Start your day with the City View podcast and key market data Britain @ @ @ @ @ @ @ a “ sensible ” compromise on fishing and that there was goodwill on both sides to progress towards a Brexit trade deal as a new round of talks began in London .
Susannah Streeter , senior analyst at Hargreaves Lansdown , warned that the FTSE 100 ’ s gains “ gains are likely to be held back as the focus returns to Brexit , with a trade deal still yet to be agreed ” .
“ An incoming Biden administration is certainly not going to offer an easy path to a trade deal @ @ @ @ @ @ @ could even determine the shape of relations between Britain and the EU , she continued .
“ Joe Biden has already expressed disapproval of proposals for the UK to potentially break international law on certain aspects of the withdrawal agreement , which is likely to concentrate minds at Number 10.
” Asian stocks posted strong gains overnight , with Japanese blue chips climbing to a 29-year high .
The Nikkei 225 rose 2.12 per cent , reaching its highest level since 1991 .
In Hong Kong , the Hang Seng rose just under @ @ @ @ @ @ @ Composite gained 1.86 per cent .

Wall Street closes just shy of record on renewed hopes of Covid-19 vaccine
Global stocks surged ahead following news of the successful vaccine trial
Wall Street surged ahead today as news of the first successful late stage Covid-19 vaccine trials bolstered hopes of the global economy emerging from a year of pandemic-driven crisis, with the S&P 500 and Dow Jones opening on record highs.
News that Pfizer’s experimental vaccine was found to be more than 90 per cent effective in preventing Covid-19 in an initial study sent markets soaring on Monday. Equities also benefited from a bounce after Joe Biden triumphed in the tightly-fought US presidential election on Saturday.
Wall Street hits record highs on open
The benchmark S&P 500 rose 3.54 per cent in the first few minutes of trading, while the Dow Jones added 5.21 per cent. Pre-market trading showed that both indices were set to open on record highs.
The tech-heavy Nasdaq rose 0.93 per cent, as shares in tech and other companies seen as “stay-at-home” winners either fell or rose slower.
In London, the FTSE 100 surged ahead on renewed hopes of a vaccine, with the blue-chip index climbing 5.53 per cent to 6,236.93. The midcap FTSE 250 climbed 5.43 per cent to 18,890.32.
Pfizer and German partner Biontech are the first drugmakers to show successful data from a large-scale clinical trial of a coronavirus vaccine, a major victory in the fight against Covid-19, which has killed over one million people globally.
The companies said they have so far found no serious safety concerns and expect to seek US emergency use authorisation for the drug later this month.
Global stocks had already hit a record high on Monday before news of the vaccine broke, as Biden’s victory helped equities extend last week’s gains.
Before the Open newsletter: Start your day with the City View podcast and key market data
MSCI’s All-Country World Index surpassed an intra-day high set on 3 September this morning after rising 0.5 per cent.
European shares surge on vaccine optimism
European shares surged following the positive news on the hunt for a vaccine. The pan-European Stoxx 600 soared 4.25 per cent, putting it on course for its best day in six months.
In Germany, the Dax rose over six per cent, with Biontech’s shares jumping more than 27 per cent. France’s CAC 40 climbed as much as 7.89 per cent.
In London travel and leisure stocks, which have been the hardest hit by the pandemic, were among the best performing sectors, while those that have broadly benefitted from lockdown measures fell.
British Airways owner IAG surged over 31 per cent following the vaccine update from Pfizer, while hotels groups Intercontinental and Whitbread climbed 13.80 per cent and 17.87 per cent respectively.
Taylor Wimpey surged 17.72 per cent after the blue-chip housebuilder said it was on track to deliver annual results above market expectations.
Fellow housebuilder Baratt also rose following Taylor Wimpey’s update, climbing 10.42 per cent.
“The Pfizer announcement is not yet a panacea, but adds to investor sentiment which had already been buoyed by the Biden victory, and has sent markets to strongly positive levels,” said Richard Hunter, head of markets at Interactive Investor.
“Beneficiaries of the rally are widespread, particularly among the more beaten down sectors,” he continued.
“It is still early days, and the practicalities point to any meaningful distribution not being available until the first few months of next year. Even so, the news is without question a positive development and has certainly captured the imagination of investors.”
Britain said on Monday it was open to a “sensible” compromise on fishing and that there was goodwill on both sides to progress towards a Brexit trade deal as a new round of talks began in London.
Read more: Joe Biden ‘will not prioritise’ UK-US trade deal
Asian stocks posted strong gains overnight, with Japanese blue chips climbing to a 29-year high. The Nikkei 225 rose 2.12 per cent, reaching its highest level since 1991.
In Hong Kong, the Hang Seng rose just under one per cent, while the Shanghai Composite gained 1.86 per cent.
Wall Street ends high
The S&P 500 ended higher but closed just shy of a record on Monday as investors bet that a full economic reopening was finally in sight following the first positive data from a late-stage COVID-19 vaccine trial.
Sectors such as energy, travel and financials which were among the hardest hit by lockdowns aimed at curbing the virus were some of the biggest percentage gainers on Monday.
Unofficially, the Dow Jones Industrial Average rose 839.61 points, or 2.96 per cent, to 29,163.01, the S&P 500 gained 44.25 points, or 1.26 per cent, to 3,553.69 and the Nasdaq Composite dropped 162.91 points, or 1.37 per cent, to 11,732.32.
The S&P energy index led gainers among the S&P 500’s 11 major sectors and registered its biggest daily percentage gain in months as investors bet demand would climb again when people become more comfortable with the idea of traveling as the health crisis subsides.
The companies hit hardest by months of travel bans and lockdowns surged. The NYSE airlines index was up 19 per cent while plane maker Boeing Co jumped 15 per cent. Cruise line operator Carnival Corp was up more than 32 per cent.
In contrast, the technology sector and specific companies that had outperformed during the pandemic as they were seen as “stay-at-home” winners were making smaller gains or declining.
Netflix and Amazon.com declined while Zoom Video and exercise bike maker Peloton Interactive tumbled to limit the Nasdaq’s advance.
Stocks around the world had already been gaining ground before the vaccine data pushed equities even higher as expectations of better global trade ties and more monetary stimulus under U.S. President-elect Biden was already lifting demand for risky assets.
Pfizer shares closed sharply higher after soaring as much as 15.4 per cent during the session. But another drugmaker Biogen Inc slumped as a panel of experts to the U.S. health regulator voted against the drugmaker’s experimental Alzheimer’s treatment.


cityam--2020-11-09--Bad connection: Zoom shares sink in pre-trading after Pfizer Covid-19 vaccine breakthough

Video-conferencing software firm Zoom shares sunk in Wall Street pre-trading after positive signs of a Covid-19 vaccine breakthough .
Zoom shares closed around $ 500 per share on Friday , but crashed to $ 460 is Monday pre-trading in New York .
Pfizer said this morning its experimental vaccine was more than 90 % effective in preventing Covid-19 based on initial self-reported data from a large study , a major victory in the fight against a pandemic .
Read more : Zoom and Instagram brand values jump as tech firms get Covid-19 boost Pfizer and German partner BioNTech are the @ @ @ @ @ @ @ from a large-scale clinical trial of a coronavirus vaccine .
The companies said they have so far found no serious safety concerns .
Pfizer expects to seek US emergency use authorization later this month .
Zoom has been one of the few companies to see its value rocket during the pandemic .
Read more : Breaking : Coronavirus breakthrough as Pfizer vaccine ‘ more than 90 per cent effective ’ The video conferencing app became a mainstay of work-from-home settings during the pandemic .
Shares in the company rose from $ 70 in @ @ @ @ @ @ @ the last nine months .
Before-and-after hours trading in the US is known to be volatile , so all eyes will be on the Wall Street open this afternoon .

Bad connection: Zoom shares sink after Pfizer Covid-19 vaccine breakthough
Zoom has proved vital for businesses and families in the Covid-19 pandemic, but shares in the company sunk in pre-trading after there was progress on a vaccine (Photo by OLIVIER HOSLET/POOL/AFP via Getty Images)
Video-conferencing software firm Zoom shares sunk in Wall Street pre-trading after positive signs of a Covid-19 vaccine breakthough.
Zoom shares collapsed 17 per cent as Wall Street opened trading this afternoon to trade at $415.
Shares in the lockdown mainstay pared losses somewhat, but are currently still down 13.2 per cent from Friday, at $433 per share.
Pfizer said this morning its experimental vaccine was more than 90% effective in preventing Covid-19 based on initial self-reported data from a large study, a major victory in the fight against a pandemic.
Pfizer and German partner BioNTech are the first pharmaceutical firms to show successful data from a large-scale clinical trial of a coronavirus vaccine.
The companies said they have so far found no serious safety concerns.
Pfizer expects to seek US emergency use authorization later this month.
Zoom has been one of the few companies to see its value rocket during the pandemic.
The video conferencing app became a mainstay of work-from-home settings during the pandemic.
Shares in the company rose from $70 in February to more than $560 over the last nine months.
The falls for Zoom and lockdown stars Netflix, Peloton and Amazon were rare as the S&P 500 and Dow hit record highs moments after the open.


cityam--2020-11-09--Breaking: Coronavirus breakthrough as Pfizer vaccine ‘more than 90 per cent effective’

Pfizer has announced that its experimental Covid-19 vaccine proved more than 90 per cent effective in trials , sending Wall Street futures soaring in morning trading .
In a major breakthrough , Pfizer and Biontech described the results as a “ great day for science and humanities ” , as the two companies provided the first successful data from a large-scale clinical trial of a coronavirus vaccine .
Read more : Social media firms to crack down on Covid-19 vaccine disinformation The duo said they have so far found no serious safety concerns and expect to seek US emergency use @ @ @ @ @ @ @ , the vaccine could be rolled out in the next few months , though doses will initially be limited .
“ Today is a great day for science and humanity , ” said Albert Bourla , chairman and chief executive of Pfizer .
“ We are reaching this critical milestone in our vaccine development program at a time when the world needs it most with infection rates setting new records , hospitals nearing over-capacity and economies struggling to reopen.
” Bill Gruber , one of Pfizer ’ s top vaccine scientists , said @ @ @ @ @ @ @ .
This is a great day for public health and for the potential to get us all out of the circumstances we ’ re now in.
” The announcement sent US stock futures soaring , with the S & P 500 up 2.62 per cent to 3,550.5 and the Nasdaq up 2.17 per cent to 12,337.25 this morning .
The Dow Jones also climbed 2.76 per cent to 28,983 .
London stocks also celebrated the breakthrough across the board , with the FTSE 100 catapulting 5.3 per cent to 6,222.22 , and the @ @ @ @ @ @ @ 3,494.41 .
Around a dozen drugs have reached the final stages of testing in the global race for a vaccine , but Pfizer ’ s is the first to show any results .
The efficacy rate is well above the 50 per cent effectiveness required by the US Food and Drug Administration to roll out a coronavirus vaccine .
Pfizer ’ s vaccine uses an experimental approach that involves injecting part of the virus ’ s genetic dose to train the immune system to counter it .
The drug has so far been @ @ @ @ @ @ @ Brazil , Argentina , South Africa and Turkey .
The US company believes it will supply 50m doses by the end of this year and around 1.3bn by the end of 2021 .
Pfizer and BioNTech have signed a $ 1.95bn ( £1.48bn ) contract with the US government to deliver 100m vaccine doses beginning this year .
They have also inked supply agreements with the EU , UK , Canada and Japan .
The UK ’ s drugs regulator last month began an accelerated review of coronavirus vaccines being developed by Pfizer @ @ @ @ @ @ @ allow regulators contemporaneous access to trial data in order to get drugs approved more quickly .
They are used to speed through approvals where there is a public health requirement .

Coronavirus breakthrough as Pfizer vaccine ‘more than 90 per cent effective’
Pfizer has announced that its experimental Covid-19 vaccine proved more than 90 per cent effective in trials, sending Wall Street futures soaring in morning trading.
Wall Street soared with the Dow Jones Industrial Average and S&P 500 indexes catapulting to new records.
Already bolstered by post-election certainty, the indexes supercharged on hopes for a vaccine and return to normality.
Shares in Pfizer jumped on the open and are tonight trading around 10 per cent higher.
In a major breakthrough, Pfizer and Biontech described the results as a “great day for science and humanity”, as the two companies provided the first successful data from a large-scale clinical trial of a coronavirus vaccine.
The duo said they have so far found no serious safety concerns and expect to seek US emergency use authorisation later this month.
If authorised, the vaccine could be rolled out in the next few months, though doses will initially be limited.
“Today is a great day for science and humanity,” said Albert Bourla, chairman and chief executive of Pfizer.
“We are reaching this critical milestone in our vaccine development program at a time when the world needs it most with infection rates setting new records, hospitals nearing over-capacity and economies struggling to reopen.”
Bill Gruber, one of Pfizer’s top vaccine scientists, said: “I’m near ecstatic. This is a great day for public health and for the potential to get us all out of the circumstances we’re now in.”
London stocks also celebrated the breakthrough across the board, with the FTSE 100 jumping 5.3 per cent to 6,222.22, and the FTSE 350 jumping 4.2 per cent to 3,494.41.
Around a dozen drugs have reached the final stages of testing in the global race for a vaccine, but Pfizer’s is the first to show any results.
The efficacy rate is well above the 50 per cent effectiveness required by the US Food and Drug Administration to roll out a coronavirus vaccine.
Pfizer’s vaccine uses an experimental approach that involves injecting part of the virus’s genetic dose to train the immune system to counter it.
The drug has so far been trialled in the US, Germany, Brazil, Argentina, South Africa and Turkey.
The US company believes it will supply 50m doses by the end of this year and around 1.3bn by the end of 2021.
Pfizer and BioNTech have signed a $1.95bn (£1.48bn) contract with the US government to deliver 100m vaccine doses beginning this year. They have also inked supply agreements with the EU, UK, Canada and Japan.
US President elect Joe Biden said a coronavirus vaccine approval process must be guided by science so the public can have confidence it is safe and effective, warning that the United States is still facing a dark winter and that a vaccine likely won’t be available for months.
“I implore you, wear a mask…. A mask is not a political statement,” Biden said, adding that he would spare no effort to turn the pandemic around once he is sworn in.
The UK’s drugs regulator last month began an accelerated review of coronavirus vaccines being developed by Pfizer and British-Swedish firm Astrazeneca.
Rolling reviews allow regulators contemporaneous access to trial data in order to get drugs approved more quickly. They are used to speed through approvals where there is a public health requirement.


cityam--2020-11-09--Gearing up against greenwashers: investors seek clarity on sustainability terminology

A dearth of clear , agreed sustainability definitions present a challenge to investors looking to invest sustainably .
This is according to the results of the Schroders Institutional Investor Study , which surveyed 650 institutional investors across 26 countries during April 2020 .
Greenwashing is about falsely communicating the environmental benefits of a product or service in order to make an entity seem more environmentally-friendly than it really is .
The majority of surveyed institutional investors cite greenwashing as the biggest impediment to sustainable investing .
Hannah Simons , Head of Sustainability Strategy , said : “ The astonishing growth @ @ @ @ @ @ @ years has seen a vast range of new ideas and products come to market .
With new approaches comes new jargon but definitions are not always clear .
We ’ re committed to providing clarity on the fast-evolving sustainability landscape .
To help with this we have written articles which define the key terms and explain the different approaches to sustainable investing : Everything you need to know about sustainable investing and 50 terms every sustainable investor should understand.
” It ’ s striking to see what the difference one year can make @ @ @ @ @ @ @ while the majority of institutional investors ( 67 % ) said that integrating sustainability into the investment process was their preferred approach , demand for positive screening ( which focuses on best in class companies or investments ) , and active company engagement , has accelerated between 2019 and 2020 .
Elly Irving , Schroders Head of Engagement , said : “ Active ownership has become more important than ever .
Investors have a duty to hold companies accountable and an opportunity to drive positive change .
It ’ s why Schroders has @ @ @ @ @ @ @ , demonstrated by our 20 year history .
By engaging with companies and using our voting rights , we can drive sustainable change to better meet the investment needs of our clients .
“ As we close in on 100 % integration across all of our assets , engagement has evolved from a Sustainable Investment Team activity , to an investor-driven activity that ’ s becoming prevalent across the whole firm .
We have achieved this through enhancing our infrastructure to support the engagement efforts of our fund managers and analysts which allows @ @ @ @ @ @ @ progress effectively.
” Positively , the study suggests that the proportion of sustainability sceptics is on the decline and that investors find sustainable investing less of a challenge than in previous years .
In 2020 , 70 % of respondents said they found sustainable investing challenging in 2020 , down from 77 % in 2017 .
This year , 45 % of global institutional investors cited performance concerns as a challenge of sustainable investing .
This figure has dropped since 2018 where more than 50 % of respondents cited performance concerns as their @ @ @ @ @ @ @ , there has also been an impressive reduction in investors who don ’ t believe in sustainable investments .
In 2017 , 18 % of investors held this view but today that figure has almost halved to 11 % .
Only 13 % of respondents do not invest in sustainable investments , down from 19 % in 2019 .
Potential for better performance attracts some investors… We also asked why institutional investors are investing sustainably .
For the majority of respondents ( 58 % ) it ’ s about aligning to corporate/internal values @ @ @ @ @ @ @ place ( 49 % ) .
However , a significant proportion ( 35 % ) of institutional investors invest sustainably because they believe there ’ s potential for higher returns and lower risk .
Findings were similar in the individual investor survey ( the Schroders Global Investor Study ) : 42 % of respondents are attracted to sustainable investing because they believe they ’ re more likely to offer better returns .
In our 2018 institutional investor survey , more than 50 % of respondents cited performance concerns as a challenge to sustainable @ @ @ @ @ @ @ % in 2019 and stands at 45 % in 2020 .
Institutional investors also tend to believe , as do the individual investors surveyed in our Global Investor Study , that national governments have the biggest role to play in mitigating climate change .
Andy Howard , Schroders Global Head of Sustainable Investments , said : “ The growing regulatory focus on ensuring that asset managers meet sustainable investing definitions and criteria is to be welcomed .
Yet it is also crucial that investors do not as a result feel overwhelmed by the @ @ @ @ @ @ @ .
“ So it ’ s vital that asset managers work closely with clients to help them navigate the complex world of sustainable investments and support them in achieving their objectives .
“ It is also crucial for us as asset managers to convince investors that investing sustainably should not be at the expense of delivering robust returns and meeting their long-term objectives .
“ Positively , these findings deliver striking evidence that institutions globally are increasingly recognising that investing sustainably should now be a core component of their asset allocation process.
” @ @ @ @ @ @ @ Sustainable Investment home page The global study was commissioned by Schroders for a fourth consecutive year to analyse institutional investors and their attitudes towards investment objectives , performance outlook and risks to their portfolio .
The respondent pool represents a spectrum of institutions , including pension funds , insurance companies , sovereign wealth funds , endowments and foundations managing approximately $ 25.9 trillion in assets .
The research was carried out via an extensive global survey during April 2020 .
The 650 institutional respondents were split as follows : 179 in North America @ @ @ @ @ @ @ Asia Pacific and 50 in Latin America .
Respondents were sourced from 26 different countries .
Important Information : This communication is marketing material .
The views and opinions contained herein are those of the author ( s ) on this page , and may not necessarily represent views expressed or reflected in other Schroders communications , strategies or funds .
This material is intended to be for information purposes only and is not intended as promotional material in any respect .
The material is not intended as an offer or solicitation for @ @ @ @ @ @ @ instrument .
It is not intended to provide and should not be relied on for accounting , legal or tax advice , or investment recommendations .
Reliance should not be placed on the views and information in this document when taking individual investment and/or strategic decisions .
Past performance is not a reliable indicator of future results .
The value of an investment can go down as well as up and is not guaranteed .
All investments involve risks including the risk of possible loss of principal .
Information herein is believed to @ @ @ @ @ @ @ its completeness or accuracy .
Some information quoted was obtained from external sources we consider to be reliable .
No responsibility can be accepted for errors of fact obtained from third parties , and this data may change with market conditions .
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Regions/ sectors shown for illustrative purposes only and should not be viewed as a recommendation to buy/sell .
The opinions in this material include some forecasted views .
We believe we are @ @ @ @ @ @ @ assumptions within the bounds of what we currently know .
However , there is no guarantee than any forecasts or opinions will be realised .
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To the extent that you are in North America , this content is issued by Schroder Investment Management North America Inc. , an indirect wholly owned subsidiary of Schroders plc and SEC registered adviser providing asset management products and services to clients in the US and Canada .
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Gearing up against greenwashers: investors seek clarity on sustainability terminology
Getty Images
A dearth of clear, agreed sustainability definitions present a challenge to investors looking to invest sustainably.
This is according to the results of the Schroders Institutional Investor Study, which surveyed 650 institutional investors across 26 countries during April 2020.
Gearing up against greenwashers
Greenwashing is about falsely communicating the environmental benefits of a product or service in order to make an entity seem more environmentally-friendly than it really is.
The majority of surveyed institutional investors cite greenwashing as the biggest impediment to sustainable investing.
Hannah Simons, Head of Sustainability Strategy, said: “The astonishing growth of sustainable investing over the last few years has seen a vast range of new ideas and products come to market. With new approaches comes new jargon but definitions are not always clear.
We’re committed to providing clarity on the fast-evolving sustainability landscape. To help with this we have written articles which define the key terms and explain the different approaches to sustainable investing: Everything you need to know about sustainable investing and 50 terms every sustainable investor should understand.”
Best-in-class and active ownership in greater demand
It’s striking to see what the difference one year can make to investor demand.
For example, while the majority of institutional investors (67%) said that integrating sustainability into the investment process was their preferred approach, demand for positive screening (which focuses on best in class companies or investments), and active company engagement, has accelerated between 2019 and 2020.
Elly Irving, Schroders Head of Engagement, said:“Active ownership has become more important than ever. Investors have a duty to hold companies accountable and an opportunity to drive positive change. It’s why Schroders has such a strong commitment to active ownership, demonstrated by our 20 year history. By engaging with companies and using our voting rights, we can drive sustainable change to better meet the investment needs of our clients.
“As we close in on 100% integration across all of our assets, engagement has evolved from a Sustainable Investment Team activity, to an investor-driven activity that’s becoming prevalent across the whole firm. We have achieved this through enhancing our infrastructure to support the engagement efforts of our fund managers and analysts which allows us to track, monitor and communicate progress effectively.”
Fewer challenges to sustainable investing
Positively, the study suggests that the proportion of sustainability sceptics is on the decline and that investors find sustainable investing less of a challenge than in previous years. In 2020, 70% of respondents said they found sustainable investing challenging in 2020, down from 77% in 2017.
This year, 45% of global institutional investors cited performance concerns as a challenge of sustainable investing. This figure has dropped since 2018 where more than 50% of respondents cited performance concerns as their top challenge.
At the same time, there has also been an impressive reduction in investors who don’t believe in sustainable investments. In 2017, 18% of investors held this view but today that figure has almost halved to 11%.
Only 13% of respondents do not invest in sustainable investments, down from 19% in 2019.
Potential for better performance attracts some investors…
We also asked why institutional investors are investing sustainably.
For the majority of respondents (58%) it’s about aligning to corporate/internal values with regulatory and industry pressure in second place (49%).
However, a significant proportion (35%) of institutional investors invest sustainably because they believe there’s potential for higher returns and lower risk. Findings were similar in the individual investor survey (the Schroders Global Investor Study): 42% of respondents are attracted to sustainable investing because they believe they’re more likely to offer better returns.
In our 2018 institutional investor survey, more than 50% of respondents cited performance concerns as a challenge to sustainable investing. This figure reduced to 48% in 2019 and stands at 45% in 2020.
Governments responsible for mitigating climate change
Institutional investors also tend to believe, as do the individual investors surveyed in our Global Investor Study, that national governments have the biggest role to play in mitigating climate change.
Andy Howard, Schroders Global Head of Sustainable Investments, said: “The growing regulatory focus on ensuring that asset managers meet sustainable investing definitions and criteria is to be welcomed. Yet it is also crucial that investors do not as a result feel overwhelmed by the growing amount of sustainability interpretations and demands.
“So it’s vital that asset managers work closely with clients to help them navigate the complex world of sustainable investments and support them in achieving their objectives.
“It is also crucial for us as asset managers to convince investors that investing sustainably should not be at the expense of delivering robust returns and meeting their long-term objectives.
“Positively, these findings deliver striking evidence that institutions globally are increasingly recognising that investing sustainably should now be a core component of their asset allocation process.”
To find out more visit Schroders Sustainable Investment home page
About the Schroder Institutional Investor Study:
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cityam--2020-11-09--Five substitutions and fixture congestion: Won't somebody think of the rich Premier League superclub

Five substitutions and fixture congestion: Won't somebody think of the rich Premier League superclubs?

It was a good weekend for sales of tiny violins in football ’ s moneyed north-west heartlands , as familiar debates about five substitutes and fixture scheduling bobbed to the surface .
On Sunday , Pep Guardiola revealed he and Jurgen Klopp enjoyed a touchline grumble about the cap on mid-game changes after Manchester City and Liverpool ’ s draw .
Twenty-four hours earlier , Ole Gunnar Solskjaer also had the Premier League in his crosshairs as he bemoaned his Manchester United team ’ s Saturday lunchtime kick-off .
Another week , another bout of sabre rattling from English football @ @ @ @ @ @ @ : The Week In Sportbiz : Premier League set to axe pay-per-view ( for now ) , Formula E gets cosier with Extreme E , and Gosper gives US his World Cup vote Guardiola and Klopp seem bemused at resistance from other Premier League teams to allowing more substitutions when the reason is clear .
Others without the resources of City and Liverpool quite rightly feel that additional changes would only stack the odds further in favour of the biggest sides .
Aston Villa manager Dean Smith reiterated it after his outfit embarrassed @ @ @ @ @ @ @ Arsenal , 3-0 in north London on Sunday evening .
Three times the matter has been discussed by top-flight chairmen and on each occasion it has been defeated .
As Guardiola ’ s comments suggest , however , the five subs debate refuses to die .
Other European federations have allowed it , continuing a protocol introduced for the delayed end of last season , when fixtures had to be played more regularly than usual .
Those in favour claim it is a player welfare issue , that this campaign ’ s condensed @ @ @ @ @ @ @ , means footballers are under too much strain .
Injuries in the first six weeks of the Premier League were up 15 per cent on last year .
And Guardiola was quick to cite Trent Alexander-Arnold limping off against City as evidence .
What City , Liverpool and others want , then , is to be able to make more changes .
To draw on the strength in depth that their squads possess .
But there are other ways to do that .
Why not rotate the team more ?
These players that @ @ @ @ @ @ @ bring on , why not start them ?
City ’ s bench on Sunday included three men who cost a combined £91m : Bernardo Silva , Nathan Ake and John Stones .
Alongside them was Phil Foden , a player Guardiola said he wouldn ’ t sell even for €500m .
They are overflowing with star talent .
Liverpool , meanwhile , had £60m Naby Keita in their dugout , while both teams boast academies that produce scores of promising youngsters .
If there is concern that some are at risk of injury @ @ @ @ @ @ @ Did Alexander-Arnold need to play 82 minutes in midweek when Liverpool long had a 5-0 win wrapped up ?
Big clubs want it their own way The bottom line is that these clubs are better equipped to prosper even when they rotate their team than anyone else .
City and Liverpool are the second and third richest teams in England , home of by far the world ’ s richest league .
They have the resources to hire the best managers , to solve problems just like this .
Solskjaer ’ s complaint @ @ @ @ @ @ @ away game , while more justified , goes to a similar point .
Yes , big teams are asked to play more regularly .
But that is because they are in the privileged position of qualifying for the Champions League .
They are handsomely rewarded for that , which in turn makes them better placed to adapt .
As this season has already shown , the biggest clubs seem dismayed when they don ’ t get their way .
Project Big Picture was , at its heart , an attempt to seize control @ @ @ @ @ @ @ biggest fanbase believe they deserve more of the money and a greater say .
And now that a condensed calendar means they can ’ t pick their best XI every time , threatening their dominance ?
Those same clubs demand more substitutions .
City and Liverpool have set new standards of excellence in the last three years .
First , Guardiola ’ s team won the league with a record points tally .
Last term Klopp ’ s side sent records tumbling on their way to the trophy .
But is such supremacy @ @ @ @ @ @ @ ?
The most memorable recent campaign was Leicester ’ s shock triumph in 2016 .
That the Foxes and Southampton are among the pace-setters in this unusual season makes it all the more interesting .
Unless , of course , you are a superclub wanting to swing the odds further in your favour and cement a position for decades to come .

Five substitutions and fixture congestion: Won’t somebody think of the rich Premier League superclubs?
Manchester City and Liverpool managers discussed the five substitutions debate after their 1-1 draw
It was a good weekend for sales of tiny violins in football’s moneyed north-west heartlands, as familiar debates about five substitutes and fixture scheduling bobbed to the surface.
On Sunday, Pep Guardiola revealed he and Jurgen Klopp enjoyed a touchline grumble about the cap on mid-game changes after Manchester City and Liverpool’s draw.
Twenty-four hours earlier, Ole Gunnar Solskjaer also had the Premier League in his crosshairs as he bemoaned his Manchester United team’s Saturday lunchtime kick-off.
Another week, another bout of sabre rattling from English football’s self-appointed superclubs.
Guardiola and Klopp seem bemused at resistance from other Premier League teams to allowing more substitutions when the reason is clear.
Others without the resources of City and Liverpool quite rightly feel that additional changes would only stack the odds further in favour of the biggest sides.
Aston Villa manager Dean Smith reiterated it after his outfit embarrassed another of the so-called Big Six, Arsenal, 3-0 in north London on Sunday evening.
Three times the matter has been discussed by top-flight chairmen and on each occasion it has been defeated.
Five subs debate refuses to die
As Guardiola’s comments suggest, however, the five subs debate refuses to die.
Other European federations have allowed it, continuing a protocol introduced for the delayed end of last season, when fixtures had to be played more regularly than usual.
Those in favour claim it is a player welfare issue, that this campaign’s condensed calendar, due to a late start, means footballers are under too much strain.
Injuries in the first six weeks of the Premier League were up 15 per cent on last year.
And Guardiola was quick to cite Trent Alexander-Arnold limping off against City as evidence.
What City, Liverpool and others want, then, is to be able to make more changes. To draw on the strength in depth that their squads possess.
But there are other ways to do that. Why not rotate the team more?
These players that Guardiola and Klopp are so keen to bring on, why not start them?
City’s bench on Sunday included three men who cost a combined £91m: Bernardo Silva, Nathan Ake and John Stones.
Alongside them was Phil Foden, a player Guardiola said he wouldn’t sell even for €500m. They are overflowing with star talent.
Liverpool, meanwhile, had £60m Naby Keita in their dugout, while both teams boast academies that produce scores of promising youngsters.
If there is concern that some are at risk of injury, don’t risk them. Did Alexander-Arnold need to play 82 minutes in midweek when Liverpool long had a 5-0 win wrapped up?
Big clubs want it their own way
The bottom line is that these clubs are better equipped to prosper even when they rotate their team than anyone else.
City and Liverpool are the second and third richest teams in England, home of by far the world’s richest league.
They have the resources to hire the best managers, to solve problems just like this.
Solskjaer’s complaint about playing too soon after a European away game, while more justified, goes to a similar point.
Yes, big teams are asked to play more regularly. But that is because they are in the privileged position of qualifying for the Champions League.
They are handsomely rewarded for that, which in turn makes them better placed to adapt.
As this season has already shown, the biggest clubs seem dismayed when they don’t get their way.
Leicester’s Premier League triumph in 2016 was the most memorable season of recent years
Project Big Picture was, at its heart, an attempt to seize control of decision making.
Those with the biggest fanbase believe they deserve more of the money and a greater say.
And now that a condensed calendar means they can’t pick their best XI every time, threatening their dominance?
Those same clubs demand more substitutions.
City and Liverpool have set new standards of excellence in the last three years.
First, Guardiola’s team won the league with a record points tally. Last term Klopp’s side sent records tumbling on their way to the trophy.
But is such supremacy what we want, year after year?
The most memorable recent campaign was Leicester’s shock triumph in 2016.
That the Foxes and Southampton are among the pace-setters in this unusual season makes it all the more interesting.
Unless, of course, you are a superclub wanting to swing the odds further in your favour and cement a position for decades to come.


cityam--2020-11-09--Brexit: EU negotiator Michel Barnier outlines three ways to close trade deal

Chief Brussels negotiator Michel Barnier has said a post-Brexit UK-EU trade deal can be done if there is bilateral respect for each other ’ s sovereignty and autonomy as he arrives in London for new talks .
Barnier and chief UK negotiator David Frost agreed to “ redouble ” efforts this week in order to get a deal done as the 31 December final deadline fast approaches .
Read more : Boris Johnson maintains Brexit deal ‘ is there to be done ’ “ Respect of EU autonomy and UK sovereignty , with effective governance and enforcement mechanisms between international @ @ @ @ @ @ @ and fair trade and competition based on shared high standards , evolving coherently over time .
Before the Open newsletter : Start your day with the City View podcast and key market data “ Stable and reciprocal access to markets and fishing opportunities in the interest of both parties.
” Boris Johnson , who spoke to European Commission President Ursula von der Leyen on Saturday , said yesterday “ the broad outlines are pretty clear ” and that the EU chief “ totally agrees with me ” .
A weekend statement from Downing @ @ @ @ @ @ @ ” remained between the two sides including “ the so-called level playing field and fish ” .
State subsidy regulations , which are a part of the level playing field talks , has been one of the largest barriers to a deal .
The EU wants the UK to mirror its regulatory regime for business subsidies , and other things like labour and environmental laws , in return for zero tariff trade .
Brussels also started negotiations by demanding EU countries retain the same fishing rights to UK waters as they currently have @ @ @ @ @ @ @ said is untenable .
Read more : Boris Johnson says UK ‘ well prepared ’ for no-deal Brexit “ I ’ ve always been a great enthusiast for a trade deal with our European friends and partners , I think it is there to be done , ” Johnson said .
“ The broad outlines are pretty clear , we just need to get on and do it if we can .
I ’ ve said that to Ursula von der Leyen just yesterday and she totally agrees with me .
”

Brexit: EU negotiator Michel Barnier outlines three ways to close trade deal
EU chief negotiator Michel Barnier leaving for negotiations with the UK in London today
Chief Brussels negotiator Michel Barnier has said a post-Brexit UK-EU trade deal can be done if there is bilateral respect for each other’s sovereignty and autonomy as he arrives in London for new talks.
Barnier and chief UK negotiator David Frost agreed to “redouble” efforts this week in order to get a deal done as the 31 December final deadline fast approaches.
Barnier tweeted this morning: “Three keys to unlock a deal.
“Respect of EU autonomy and UK sovereignty, with effective governance and enforcement mechanisms between international partners.
“Robust guarantees of free and fair trade and competition based on shared high standards, evolving coherently over time.
Before the Open newsletter: Start your day with the City View podcast and key market data
“Stable and reciprocal access to markets and fishing opportunities in the interest of both parties.”
Boris Johnson, who spoke to European Commission President Ursula von der Leyen on Saturday, said yesterday “the broad outlines are pretty clear” and that the EU chief “totally agrees with me”.
A weekend statement from Downing Street also said that “significant differences” remained between the two sides including “the so-called level playing field and fish”.
State subsidy regulations, which are a part of the level playing field talks, has been one of the largest barriers to a deal.
The EU wants the UK to mirror its regulatory regime for business subsidies, and other things like labour and environmental laws, in return for zero tariff trade.
Brussels also started negotiations by demanding EU countries retain the same fishing rights to UK waters as they currently have, which UK negotiator David Frost has said is untenable.
“I’ve always been a great enthusiast for a trade deal with our European friends and partners, I think it is there to be done,” Johnson said.
“The broad outlines are pretty clear, we just need to get on and do it if we can. I’ve said that to Ursula von der Leyen just yesterday and she totally agrees with me.”


cityam--2020-11-09--Living up to the hype? Virgin  Hyperloop uses its top executives as guinea pigs in first human tests

Richard Branson ’ s Virgin Hyperloop has completed the world ’ s first passenger ride on a super high-speed levitating pod system , using two of its top executives as guinea pigs .
The test marks progress for Hyperloop and its goal to transform human and cargo transportation .
Virgin Hyperloop executives Josh Giegel , its chief technology officer , and Sara Luchian , director of passenger experience , reached speeds of up to 107 miles per hour at the company ’ s Las Vegas test site .
Hyperloop has previously run over 400 tests without human passengers at the @ @ @ @ @ @ @ true pleasure of seeing history made before my very eyes , ” said Sultan Ahmed Bin Sulayem , chairman of both Virgin Hyperloop and DP World .
Hyperloop technology of floating pods eventually hope to be packed with passengers and cargo hurtle through vacuum tubes at 600 miles an hour ( 966 kph ) or faster .
In a hyperloop system , which uses magnetic levitation to allow near-silent travel , a trip between New York and Washington would take just 30 minutes .
That would be twice as fast as a commercial @ @ @ @ @ @ @ a high-speed train .
The company is working toward safety certification by 2025 and commercial operations by 2030 , it has said .
Canada ’ s Transpod and Spain ’ s Zeleros also aim to upend traditional passenger and freight networks with similar technology they say will slash travel times , congestion and environmental harm linked with petroleum-fueled machines

Living up to the hype? Virgin Hyperloop uses its top executives as guinea pigs in first human tests
Richard Branson, one of the founders of Virgin Hyperloop (Photo by JOHANNES EISELE/AFP via Getty Images)
Richard Branson’s Virgin Hyperloop has completed the world’s first passenger ride on a super high-speed levitating pod system, using two of its top executives as guinea pigs.
The test marks progress for Hyperloop and its goal to transform human and cargo transportation.
Virgin Hyperloop executives Josh Giegel, its chief technology officer, and Sara Luchian, director of passenger experience, reached speeds of up to 107 miles per hour at the company’s Las Vegas test site.
Hyperloop has previously run over 400 tests without human passengers at the Nevada site.
“I had the true pleasure of seeing history made before my very eyes,” said Sultan Ahmed Bin Sulayem, chairman of both Virgin Hyperloop and DP World.
Hyperloop technology of floating pods eventually hope to be packed with passengers and cargo hurtle through vacuum tubes at 600 miles an hour (966 kph) or faster.
In a hyperloop system, which uses magnetic levitation to allow near-silent travel, a trip between New York and Washington would take just 30 minutes.
That would be twice as fast as a commercial jet flight and four times faster than a high-speed train.
The company is working toward safety certification by 2025 and commercial operations by 2030, it has said.
Canada’s Transpod and Spain’s Zeleros also aim to upend traditional passenger and freight networks with similar technology they say will slash travel times, congestion and environmental harm linked with petroleum-fueled machines


cityam--2020-11-09--TMT providers can unlock customer value through credible sustainability actions

The environmental and sustainability credentials of companies across all sectors are becoming increasingly important to discerning consumers , and this is none more apparent than in the TMT sector .
EY ’ s survey which canvassed the views of 2,000 consumers in the UK , reveals that over half ( 56 % ) of UK consumers are willing to pay slightly more for environmentally sustainable products and services .
While almost half ( 45 % ) of consumers would be happy to accept slightly less quality of services where sustainability credentials are strong , highlighting a willingness to compromise for @ @ @ @ @ @ @ also reveals that consumers have become more alert to unethical and unsustainable practices , showing a clear desire to act more responsibly to benefit future generations .
This growing awareness is influencing their loyalty to brands ; for example , almost two-thirds ( 63 % ) of consumers surveyed would switch service providers or suppliers if they were using a significant amount of single-use plastic .
Read more : Coronavirus has increased investors ’ appetite for sustainable strategies The survey clearly demonstrates that sustainability is resonating strongly with the consumers , influencing how @ @ @ @ @ @ @ their attitudes towards how they buy products and services .
TMT providers have a real opportunity to unlock more customer value and differentiate their offering by putting sustainability at the heart of their approach .
This will be crucial in maintaining relevance and reaching out to an ethically conscious customer segment .
What is also interesting is that four-fifths of UK consumers surveyed ( 80 % ) believe TMT companies should act now to improve sustainability rather than setting long-term targets , with almost a third ( 32 % ) more likely to @ @ @ @ @ @ @ However , also crucial to this is a clear and convincing narrative around environmental and ethical objectives to counter disbelief and scepticism that exists among consumers ; 71 % of consumers think companies only promote sustainability as a PR exercise to ‘ look good ’ while 69 % are sceptical of whether sustainability and ethnical sourcing claims by companies are true .
To offset this negative sentiment , companies can be transparent and honest with their sustainability credentials .
There is clear appetite from consumers to have access to this information to empower @ @ @ @ @ @ @ almost two-thirds ( 65 % ) of households believe company sustainability credentials should be available and 70 % of consumers believe price comparison sites should include sustainability criteria to inform their choices .
Read more : Building business resilience for a better future The pandemic has changed consumer spending habits and behaviours .
Coupled with calls for a green recovery , there is a new urgency to the sustainability agenda and , as our research shows , is impacting how consumers view TMT service providers .
Providers need to harness this sentiment and @ @ @ @ @ @ @ their sustainability agenda .
Consumer-friendly messaging and more readily available information will go a long way to achieving this .
Ultimately , a new type of customer dialogue is essential .
To succeed in a market where sustainability is proving increasing critical to customer behaviour , TMT providers need to embed clear and meaningful sustainability promises into their business model .
Long-term targets that are often decades away can , in some cases , be difficult to comprehend and may disengage consumers .
Immediate action combined with simple messaging that resonates with the @ @ @ @ @ @ @ impactful in strengthening customer loyalty .
Read more : How COVID-19 is defining business purpose TMT providers are in a unique position as engines of cross-sector transformation , to drive sustainable and ethical practices , not just for customers but also for wider society .

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TMT providers can unlock customer value through credible sustainability actions
Many Londoners still don’t have access to the devices they need for online learning.
The environmental and sustainability credentials of companies across all sectors are becoming increasingly important to discerning consumers, and this is none more apparent than in the TMT sector.
EY’s survey which canvassed the views of 2,000 consumers in the UK, reveals that over half (56%) of UK consumers are willing to pay slightly more for environmentally sustainable products and services. While almost half (45%) of consumers would be happy to accept slightly less quality of services where sustainability credentials are strong, highlighting a willingness to compromise for a more sustainable option.
The survey also reveals that consumers have become more alert to unethical and unsustainable practices, showing a clear desire to act more responsibly to benefit future generations. This growing awareness is influencing their loyalty to brands; for example, almost two-thirds (63%) of consumers surveyed would switch service providers or suppliers if they were using a significant amount of single-use plastic.
Read more: Coronavirus has increased investors’ appetite for sustainable strategies
The survey clearly demonstrates that sustainability is resonating strongly with the consumers, influencing how they view brands, and is impacting their attitudes towards how they buy products and services. TMT providers have a real opportunity to unlock more customer value and differentiate their offering by putting sustainability at the heart of their approach. This will be crucial in maintaining relevance and reaching out to an ethically conscious customer segment.
Immediate delivery of results versus long-term ambitious sustainability goals
What is also interesting is that four-fifths of UK consumers surveyed (80%) believe TMT companies should act now to improve sustainability rather than setting long-term targets, with almost a third (32%) more likely to trust companies’ short-term sustainability goals. However, also crucial to this is a clear and convincing narrative around environmental and ethical objectives to counter disbelief and scepticism that exists among consumers; 71% of consumers think companies only promote sustainability as a PR exercise to ‘look good’ while 69% are sceptical of whether sustainability and ethnical sourcing claims by companies are true.
Transparency and credibility
To offset this negative sentiment, companies can be transparent and honest with their sustainability credentials. There is clear appetite from consumers to have access to this information to empower them to make better spending decisions – almost two-thirds (65%) of households believe company sustainability credentials should be available and 70% of consumers believe price comparison sites should include sustainability criteria to inform their choices.
Read more: Building business resilience for a better future
The pandemic has changed consumer spending habits and behaviours. Coupled with calls for a green recovery, there is a new urgency to the sustainability agenda and, as our research shows, is impacting how consumers view TMT service providers.
Read more: COVID-19 has changed investors’ priorities but UK attractiveness remains resilient
Providers need to harness this sentiment and take action to underline the sincerity of their sustainability agenda. Consumer-friendly messaging and more readily available information will go a long way to achieving this. Ultimately, a new type of customer dialogue is essential.
Looking ahead
To succeed in a market where sustainability is proving increasing critical to customer behaviour, TMT providers need to embed clear and meaningful sustainability promises into their business model. Long-term targets that are often decades away can, in some cases, be difficult to comprehend and may disengage consumers. Immediate action combined with simple messaging that resonates with the language of your customers will be incredibly impactful in strengthening customer loyalty.
Read more: How COVID-19 is defining business purpose
TMT providers are in a unique position as engines of cross-sector transformation, to drive sustainable and ethical practices, not just for customers but also for wider society.


cityam--2020-11-09--Social media firms to crack down on Covid-19 vaccine disinformation

Major social media platforms have agreed a package of measures with the government in an effort to limit the spread of disinformation about any Covid-19 vaccine .
Following a meeting with health secretary Matt Hancock and digital secretary Oliver Dowden , Facebook , Twitter and Google endorsed the principle that no company should profit from false or misleading information relating to a vaccine .
Read more : Twitter bans Donald Trump ’ s presidential campaign over coronavirus fake news They also pledged to respond more quickly to flagged content , as well as working with health authorities to promote scientifically @ @ @ @ @ @ @ dangerous and could cost lives , ” Dowden said in a statement .
“ While social media companies are taking steps to stop it spreading on their platforms there is much more that can be done.
” Tech giants have come under increased scrutiny in recent months amid a surge in disinformation related to coronavirus , including viral hoaxes about how to treat the virus and baseless claims that the pandemic was linked to the rollout of 5G .
But the government is now concerned that inaccurate posts on social media could derail @ @ @ @ @ @ @ a vaccine is ready .
During the meeting , which also included fact checkers , academics and data experts , ministers raised concerns about the tech firms ’ slow response time to false information .
The companies will also join new policy forums in the coming months to help improve responses to harmful material and prepare for future threats .
While the measures will come as a boost to anti-disinformation efforts , analysts have warned that tech firms face a huge challenge due to the sheer volume of posts that fall foul of @ @ @ @ @ @ @ of data science at SAS UK and Ireland , said the tech giants may need to turn to AI-based systems as well as human moderators to help moderate content .
Read more : Whatsapp launches fact check feature in bid to curb fake news “ The implementation of these technologies in a time of crisis sets the precedent for the future of social media censoring , as user numbers continue to boom worldwide , ” he said .
“ This is a test for both AI and the workforce , as they work @ @ @ @ @ @ @ between taking down problematic material and stifling truth .
Ultimately , social media giants have a responsibility to use technology to protect the public during this crisis , by making changes which encourage fact-checking and truth .
”

Social media firms to crack down on Covid-19 vaccine disinformation
Ministers are worried misinformation could derail efforts to roll out a Covid-19 vaccine
Major social media platforms have agreed a package of measures with the government in an effort to limit the spread of disinformation about any Covid-19 vaccine.
Following a meeting with health secretary Matt Hancock and digital secretary Oliver Dowden, Facebook, Twitter and Google endorsed the principle that no company should profit from false or misleading information relating to a vaccine.
They also pledged to respond more quickly to flagged content, as well as working with health authorities to promote scientifically accurate messages.
“Covid disinformation is dangerous and could cost lives,” Dowden said in a statement.
“While social media companies are taking steps to stop it spreading on their platforms there is much more that can be done.”
Tech giants have come under increased scrutiny in recent months amid a surge in disinformation related to coronavirus, including viral hoaxes about how to treat the virus and baseless claims that the pandemic was linked to the rollout of 5G.
But the government is now concerned that inaccurate posts on social media could derail efforts to carry out mass immunisation once a vaccine is ready.
During the meeting, which also included fact checkers, academics and data experts, ministers raised concerns about the tech firms’ slow response time to false information.
The companies will also join new policy forums in the coming months to help improve responses to harmful material and prepare for future threats.
While the measures will come as a boost to anti-disinformation efforts, analysts have warned that tech firms face a huge challenge due to the sheer volume of posts that fall foul of the rules.
Iain Brown, head of data science at SAS UK and Ireland, said the tech giants may need to turn to AI-based systems as well as human moderators to help moderate content.
“The implementation of these technologies in a time of crisis sets the precedent for the future of social media censoring, as user numbers continue to boom worldwide,” he said.
“This is a test for both AI and the workforce, as they work side by side to strike the balance between taking down problematic material and stifling truth. Ultimately, social media giants have a responsibility to use technology to protect the public during this crisis, by making changes which encourage fact-checking and truth.”


cityam--2020-11-10--Exclusive: Digital wealth manager Nutmeg customers surge past 100,000

Digital wealth manager Nutmeg has enjoyed a coronavirus boost and now boasts more than 100,000 customers after investors shifted online amid the pandemic .
The robo-adviser saw a 33 per cent increase year-on-year in its customer numbers to pass the 100,000 milestone , with assets under management ( AUM ) peaking at £2.3bn .
In the six months to June Nutmeg ’ s client numbers soared to 95,000 , up from 80,000 in December 2019 after a strong start to the year with revenues increasing by nearly a third .
Chief executive Neil Alexander said : “ Nutmeg has benefited @ @ @ @ @ @ @ behaviour with faster than anticipated growth in 2020 .
While traditional providers are realising that being fit-for-purpose in a digital world is no longer a nice-to-have but is now essential.
” This year Nutmeg upped its digital footprint becoming the first wealth manager to offer customers the ability to top up their investments using Google and Apple Pay .
Despite an increase in competition , the company remains the leading digital wealth manager in the UK with a 36 per cent share of the market , and has grown to become the UK @ @ @ @ @ @ @ The topline figueres may look positive for Nutmeg but it comes just a month after Nutmeg reported it had widened its annual losses for the eighth consecutive year .
Accounts for the year to end of December 2019 show the wealth manager sank to a £21m annual loss .
Read more : Chief executive of digital wealth manager Nutmeg to quit The robo-adviser has looked to diversifying its revenue streams , launching a fully regulated advice service with a £350 flat-fee in October 2018 .
The robo-advice sector has attracted interest from financial @ @ @ @ @ @ @ as Schroders , which backs Nutmeg , and LV , which backs Wealthify .

Exclusive: Digital wealth manager Nutmeg customers surge past 100,000
Digital wealth manager Nutmeg has enjoyed a coronavirus boost and now boasts more than 100,000 customers after investors shifted online amid the pandemic.
The robo-adviser saw a 33 per cent increase year-on-year in its customer numbers to pass the 100,000 milestone, with assets under management (AUM) peaking at £2.3bn.
In the six months to June Nutmeg’s client numbers soared to 95,000, up from 80,000 in December 2019 after a strong start to the year with revenues increasing by nearly a third.
Chief executive Neil Alexander said: “Nutmeg has benefited from these changes in consumer sentiment and behaviour with faster than anticipated growth in 2020. While traditional providers are realising that being fit-for-purpose in a digital world is no longer a nice-to-have but is now essential.”
This year Nutmeg upped its digital footprint becoming the first wealth manager to offer customers the ability to top up their investments using Google and Apple Pay.
Despite an increase in competition, the company remains the leading digital wealth manager in the UK with a 36 per cent share of the market, and has grown to become the UK’s fifth largest wealth manager.
The topline figueres may look positive for Nutmeg but it comes just a month after Nutmeg reported it had widened its annual losses for the eighth consecutive year.
Accounts for the year to end of December 2019 show the wealth manager sank to a £21m annual loss.
The robo-adviser has looked to diversifying its revenue streams, launching a fully regulated advice service with a £350 flat-fee in October 2018.
The robo-advice sector has attracted interest from financial services firms in recent years, such as Schroders, which backs Nutmeg, and LV, which backs Wealthify.


cityam--2020-11-10--BBC licence fee negotiations kick off as ministers ramp up pressure over funding

The government today kicked off negotiations with the BBC over how much the TV licence will cost in the future , dialling up the pressure on the embattled public service broadcaster .
The talks will determine the level of the licence fee , which is currently set at £157.50 , for at least five years from 2022 .
Culture secretary Oliver Dowden has asked the BBC to set out its financial needs alongside its public purposes to inform his assessment of the “ appropriate ” level for the charge .
“ Public service broadcasting is woven into the cultural fabric @ @ @ @ @ @ @ relevant and meet people ’ s needs in the digital age it must evolve , ” Dowden said .
“ We are today taking a step forward in our roadmap for reform of the BBC and beginning negotiations to agree the cost of a TV licence from 2022 so that it offers fee payers the best value for money.
” It came as ministers unveiled a new panel of media bigwigs to advise on the future of public service broadcasters .
The Public Service Broadcasting Advisory Panel includes Michael Grade — former BBC @ @ @ @ @ @ @ Channel 4 — as well as senior executives at Facebook , Sky and ITN and former Downing Street spin doctor Sir Robbie Gibb .
The group , which will meet around six times over the course of a year , will advise the government on how the broadcasting market should adapt to modern viewing habits and whether existing funding models are fit for purpose .
“ Our public service broadcasting remit has served the nation well for over 80 years but the time has come to review its relevance for the digital age @ @ @ @ @ @ @ Grade said .
Read more : BBC bans ‘ virtue signalling ’ as it cracks down on stars ’ social media use It marks a further ramping up of pressure on the BBC amid a fierce row over its licence fee funding model , accusations of bias and declining audience numbers .
The funding fee negotiations , which are set to conclude by the autumn of next year , are the first since 2015 , when the government said it would stop bankrolling free TV licences for over-75s .
The scrapping of the @ @ @ @ @ @ @ outbreak of coronavirus , but came into force in August .
It has sparked controversy amid concerns millions of vulnerable pensioners will be left unable to pay for BBC services .
“ I ’ d hoped the BBC and government would come together to thrash out a new deal — but sadly they didn ’ t , ” culture committee chair Julian Knight said in July .
“ At a time when pensioners have only just begun to ease shielding , this is a real body blow for millions.
” While the licence @ @ @ @ @ @ @ 2027 , ministers have pledged to consider alternative methods of funding the broadcaster .
The government is also finalising plans to decriminalise non-payment of the licence fee , moving instead to a civil model that would see refusal to pay punished with fines .
But the BBC has warned that any move to undermine the licence fee model could cost it as much as £300m each year in lost revenue .
Any decision to slash the cost of the licence fee from 2022 would also come as a major blow to the corporation @ @ @ @ @ @ @ finances caused by the pandemic .
New director general Tim Davie has pledged to reform the BBC in an effort to stave off political pressure .
Davie last month rolled out tough new rules on how its stars use social media and engage in lucrative events outside the BBC as he reaffirmed the corporation ’ s commitment to impartiality .
The broadcaster is also in the process of appointing a new chairman to take over from Sir David Clementi next year , with applications set to close tomorrow .
The race for the @ @ @ @ @ @ @ seen as a political appointment , has sparked frenzied speculation , with a number of high-profile names linked to the position .
Attention has recently turned to Richard Sharp , a multi-millionaire former Tory party donor and Rishi Sunak ’ s former boss , who is tipped to be the frontrunner in the race .

BBC licence fee negotiations kick off as ministers ramp up pressure over funding
The BBC is under pressure over the future of the licence fee funding model
The government today kicked off negotiations with the BBC over how much the TV licence will cost in the future, dialling up the pressure on the embattled public service broadcaster.
The talks will determine the level of the licence fee, which is currently set at £157.50, for at least five years from 2022.
Culture secretary Oliver Dowden has asked the BBC to set out its financial needs alongside its public purposes to inform his assessment of the “appropriate” level for the charge.
“Public service broadcasting is woven into the cultural fabric of the UK, but to remain relevant and meet people’s needs in the digital age it must evolve,” Dowden said.
“We are today taking a step forward in our roadmap for reform of the BBC and beginning negotiations to agree the cost of a TV licence from 2022 so that it offers fee payers the best value for money.”
It came as ministers unveiled a new panel of media bigwigs to advise on the future of public service broadcasters.
The Public Service Broadcasting Advisory Panel includes Michael Grade — former BBC and ITV chair and chief executive of Channel 4 — as well as senior executives at Facebook, Sky and ITN and former Downing Street spin doctor Sir Robbie Gibb.
The group, which will meet around six times over the course of a year, will advise the government on how the broadcasting market should adapt to modern viewing habits and whether existing funding models are fit for purpose.
“Our public service broadcasting remit has served the nation well for over 80 years but the time has come to review its relevance for the digital age and maybe redefine it,” Lord Grade said.
The future of funding
It marks a further ramping up of pressure on the BBC amid a fierce row over its licence fee funding model, accusations of bias and declining audience numbers.
The funding fee negotiations, which are set to conclude by the autumn of next year, are the first since 2015, when the government said it would stop bankrolling free TV licences for over-75s.
The scrapping of the over-75s concession was delayed due to the outbreak of coronavirus, but came into force in August. It has sparked controversy amid concerns millions of vulnerable pensioners will be left unable to pay for BBC services.
“I’d hoped the BBC and government would come together to thrash out a new deal — but sadly they didn’t,” culture committee chair Julian Knight said in July. “At a time when pensioners have only just begun to ease shielding, this is a real body blow for millions.”
While the licence fee model is guaranteed until at least 2027, ministers have pledged to consider alternative methods of funding the broadcaster.
The government is also finalising plans to decriminalise non-payment of the licence fee, moving instead to a civil model that would see refusal to pay punished with fines.
But the BBC has warned that any move to undermine the licence fee model could cost it as much as £300m each year in lost revenue.
Any decision to slash the cost of the licence fee from 2022 would also come as a major blow to the corporation as it battles a squeeze on its finances caused by the pandemic.
But the BBC welcomed the government’s commitment to an “open and transparent process”.
“The past few months have served as a powerful reminder of just how much the BBC matters locally, nationally and globally. Our programmes and services have never been more relevant, important or necessary.”
“And while the world is changing swiftly, so is the BBC. We will continue to innovate, adapt and lead change.”
New director general Tim Davie has pledged to reform the BBC in an effort to stave off political pressure.
Davie last month rolled out tough new rules on how its stars use social media and engage in lucrative events outside the BBC as he reaffirmed the corporation’s commitment to impartiality.
The broadcaster is also in the process of appointing a new chairman to take over from Sir David Clementi next year, with applications set to close tomorrow.
The race for the chairman role, which has been widely seen as a political appointment, has sparked frenzied speculation, with a number of high-profile names linked to the position.
Attention has recently turned to Richard Sharp, a multi-millionaire former Tory party donor and Rishi Sunak’s former boss, who is tipped to be the frontrunner in the race.


cityam--2020-11-09--House of Lords defeats Boris Johnson's controversial Brexit bill

The House of Lords has rejected Boris Johnson ’ s controversial Brexit bill that could potentially breach the Brexit Withdrawal Agreement and break international law .
Peers voted to remove two clauses from the Internal Market Bill , which deal with the status of Northern Ireland after the Brexit transition period ends on 31 December .
Read more : Lords look to defeat Brexit bill that breaks international law The legislation will now go back to the House of Commons , however a government spokesperson said Johnson will not keep the changes made by the House of Lords .
The @ @ @ @ @ @ @ the government to override the Brexit Withdrawal Agreement if there was no UK-EU trade deal agreed by 31 December when Britain leaves the customs union and single market .
Northern Ireland secretary Brandon Lewis admitted to MPs that if there was no trade deal that the legislation would see the UK break international law “ in a very specific and limited way ” .
The Prime Minister said it was necessary to breach international law in order to ensure trade between Great Britain and Northern Ireland remains unfettered .
Before the Open newsletter @ @ @ @ @ @ @ View podcast and key market data The EU has claimed that the bill could endanger the Belfast Good Friday agreement , a charge the government denies , and has launched legal action over it .
Lord Michael Howard – former Tory leader and longtime Eurosceptic – voted against the bill , saying breaking international law would damage the UK ’ s global standing .
He said : “ What sort of a precedent is the government setting when it admits that position ?
“ How can we reproach other countries – Russia , @ @ @ @ @ @ @ becomes reprehensible when we ourselves have such scant regard for the treaties we sign up to.
” Read more : Brexit : EU renews legal threat against UK over controversial bill The Liberal Democrats ’ leader in the chamber Lord Richard Newby said the vote had “ absolutely nothing to do with whether you think being a member of the European Union is a good or bad thing ” .
“ If we can ’ t take a view on a matter of deliberate lawbreaking by the government then we may as well @ @ @ @ @ @ @ he said .
Northern Ireland will stay in the EU ’ s customs union from next year , while the rest of the UK will not .
That means the EU could potentially block the flow of goods between Northern Ireland and Great Britain if there is no trade deal in place .
Conservative peer Baroness Sheila Noakes , who voted with the government , said the parts of the bill relating to Northern Ireland are “ wholly in the UK ’ s national interests and wholly in the national interests of our @ @ @ @ @ @ @ more : Rishi Sunak announces post-Brexit outline for City of London “ Part five of the bill is a sincere attempt by the government to protect the Good Friday Agreement and peace on the island of Ireland , ” she said .
“ If the way in which Northern Ireland has to operate with the UK is harmed it will follow that peace and reconciliation in Northern Ireland will itself be harmed.
” A UK government spokesperson said : “ We are disappointed that the House of Lords has voted to remove clauses @ @ @ @ @ @ @ which was backed in the House of Commons by 340 votes to 256 and delivers on a clear Conservative manifesto commitment .
“ We will retable these clauses when the Bill returns to the Commons .
”

House of Lords defeats Boris Johnson’s controversial Brexit bill
The House of Lords has rejected Boris Johnson’s controversial Brexit bill that could potentially breach the Brexit Withdrawal Agreement and break international law.
Peers voted to remove two clauses from the Internal Market Bill, which deal with the status of Northern Ireland after the Brexit transition period ends on 31 December.
The legislation will now go back to the House of Commons, however a government spokesperson said Johnson will not keep the changes made by the House of Lords.
The bill was drawn up to allow for the government to override the Brexit Withdrawal Agreement if there was no UK-EU trade deal agreed by 31 December when Britain leaves the customs union and single market.
Northern Ireland secretary Brandon Lewis admitted to MPs that if there was no trade deal that the legislation would see the UK break international law “in a very specific and limited way”.
The Prime Minister said it was necessary to breach international law in order to ensure trade between Great Britain and Northern Ireland remains unfettered.
Before the Open newsletter: Start your day with the City View podcast and key market data
The EU has claimed that the bill could endanger the Belfast Good Friday agreement, a charge the government denies, and has launched legal action over it.
Lord Michael Howard – former Tory leader and longtime Eurosceptic – voted against the bill, saying breaking international law would damage the UK’s global standing.
He said: “What sort of a precedent is the government setting when it admits that position?
“How can we reproach other countries – Russia, China, Iran – if their behaviour becomes reprehensible when we ourselves have such scant regard for the treaties we sign up to.”
The Liberal Democrats’ leader in the chamber Lord Richard Newby said the vote had “absolutely nothing to do with whether you think being a member of the European Union is a good or bad thing”.
“If we can’t take a view on a matter of deliberate lawbreaking by the government then we may as well pack up our bags now,” he said.
Northern Ireland will stay in the EU’s customs union from next year, while the rest of the UK will not.
That means the EU could potentially block the flow of goods between Northern Ireland and Great Britain if there is no trade deal in place.
Conservative peer Baroness Sheila Noakes, who voted with the government, said the parts of the bill relating to Northern Ireland are “wholly in the UK’s national interests and wholly in the national interests of our citizens in Northern Ireland”.
“Part five of the bill is a sincere attempt by the government to protect the Good Friday Agreement and peace on the island of Ireland,” she said.
“If the way in which Northern Ireland has to operate with the UK is harmed it will follow that peace and reconciliation in Northern Ireland will itself be harmed.”
A UK government spokesperson said: “We are disappointed that the House of Lords has voted to remove clauses from the UK Internal Market Bill, which was backed in the House of Commons by 340 votes to 256 and delivers on a clear Conservative manifesto commitment.
“We will retable these clauses when the Bill returns to the Commons.”


cityam--2020-11-09--Wall Street closes just shy of record on renewed hopes of Covid-19 vaccine

Wall Street surged ahead today as news of the first successful late stage Covid-19 vaccine trials bolstered hopes of the global economy emerging from a year of pandemic-driven crisis , with the S & P 500 and Dow Jones opening on record highs .
News that Pfizer ’ s experimental vaccine was found to be more than 90 per cent effective in preventing Covid-19 in an initial study sent markets soaring on Monday .
Equities also benefited from a bounce after Joe Biden triumphed in the tightly-fought US presidential election on Saturday .
Read more : Pfizer vaccine : ‘ @ @ @ @ @ @ @ , say analysts The benchmark S & P 500 rose 3.54 per cent in the first few minutes of trading , while the Dow Jones added 5.21 per cent .
Pre-market trading showed that both indices were set to open on record highs .
The tech-heavy Nasdaq rose 0.93 per cent , as shares in tech and other companies seen as “ stay-at-home ” winners either fell or rose slower .
In London , the FTSE 100 surged ahead on renewed hopes of a vaccine , with the blue-chip index climbing 5.53 per @ @ @ @ @ @ @ 250 climbed 5.43 per cent to 18,890.32 .
Read more : Winners and losers : Stocks soaring AND plummeting as Pfizer reports Covid-19 vaccine breakthrough Pfizer and German partner Biontech are the first drugmakers to show successful data from a large-scale clinical trial of a coronavirus vaccine , a major victory in the fight against Covid-19 , which has killed over one million people globally .
The companies said they have so far found no serious safety concerns and expect to seek US emergency use authorisation for the drug later this month .
@ @ @ @ @ @ @ high on Monday before news of the vaccine broke , as Biden ’ s victory helped equities extend last week ’ s gains .
Before the Open newsletter : Start your day with the City View podcast and key market data MSCI ’ s All-Country World Index surpassed an intra-day high set on 3 September this morning after rising 0.5 per cent .
European shares surged following the positive news on the hunt for a vaccine .
The pan-European Stoxx 600 soared 4.25 per cent , putting it on course for its best @ @ @ @ @ @ @ , the Dax rose over six per cent , with Biontech ’ s shares jumping more than 27 per cent .
France ’ s CAC 40 climbed as much as 7.89 per cent .
In London travel and leisure stocks , which have been the hardest hit by the pandemic , were among the best performing sectors , while those that have broadly benefitted from lockdown measures fell .
British Airways owner IAG surged over 31 per cent following the vaccine update from Pfizer , while hotels groups Intercontinental and Whitbread climbed 13.80 @ @ @ @ @ @ @ .
Taylor Wimpey surged 17.72 per cent after the blue-chip housebuilder said it was on track to deliver annual results above market expectations .
Fellow housebuilder Baratt also rose following Taylor Wimpey ’ s update , climbing 10.42 per cent .
“ The Pfizer announcement is not yet a panacea , but adds to investor sentiment which had already been buoyed by the Biden victory , and has sent markets to strongly positive levels , ” said Richard Hunter , head of markets at Interactive Investor .
“ Beneficiaries of the rally are @ @ @ @ @ @ @ down sectors , ” he continued .
“ It is still early days , and the practicalities point to any meaningful distribution not being available until the first few months of next year .
Even so , the news is without question a positive development and has certainly captured the imagination of investors.
” Britain said on Monday it was open to a “ sensible ” compromise on fishing and that there was goodwill on both sides to progress towards a Brexit trade deal as a new round of talks began in London @ @ @ @ @ @ @ , with Japanese blue chips climbing to a 29-year high .
The Nikkei 225 rose 2.12 per cent , reaching its highest level since 1991 .
In Hong Kong , the Hang Seng rose just under one per cent , while the Shanghai Composite gained 1.86 per cent .
The S & P 500 ended higher but closed just shy of a record on Monday as investors bet that a full economic reopening was finally in sight following the first positive data from a late-stage COVID-19 vaccine trial .
Sectors such as energy @ @ @ @ @ @ @ the hardest hit by lockdowns aimed at curbing the virus were some of the biggest percentage gainers on Monday .
Unofficially , the Dow Jones Industrial Average rose 839.61 points , or 2.96 per cent , to 29,163.01 , the S & P 500 gained 44.25 points , or 1.26 per cent , to 3,553.69 and the Nasdaq Composite dropped 162.91 points , or 1.37 per cent , to 11,732.32 .
The S & P energy index led gainers among the S & P 500 ’ s 11 major sectors and registered its @ @ @ @ @ @ @ investors bet demand would climb again when people become more comfortable with the idea of traveling as the health crisis subsides .
The companies hit hardest by months of travel bans and lockdowns surged .
The NYSE airlines index was up 19 per cent while plane maker Boeing Co jumped 15 per cent .
Cruise line operator Carnival Corp was up more than 32 per cent .
In contrast , the technology sector and specific companies that had outperformed during the pandemic as they were seen as “ stay-at-home ” winners were making @ @ @ @ @ @ @ Amazon.com declined while Zoom Video and exercise bike maker Peloton Interactive tumbled to limit the Nasdaq ’ s advance .
Stocks around the world had already been gaining ground before the vaccine data pushed equities even higher as expectations of better global trade ties and more monetary stimulus under U.S. President-elect Biden was already lifting demand for risky assets .
Pfizer shares closed sharply higher after soaring as much as 15.4 per cent during the session .
But another drugmaker Biogen Inc slumped as a panel of experts to the U.S. health regulator @ @ @ @ @ @ @ Alzheimer ’ s treatment .