D-PIMS Weekly Market Update - Week of 8th to 14th March 2021
Today’s Monday Update:
Over the course of last week, headlines were mostly economic or Coronavirus related:
• British consumer confidence rose to its highest level since the Coronavirus pandemic started, polling firm YouGov said on Monday. YouGov said its consumer confidence score increased by two points to 105.4, driven by expectations for business activity, house prices and household finances over the next year.
• The COVID-19 vaccine from Pfizer Inc and BioNTech was able to neutralize a new variant of the Coronavirus spreading rapidly in Brazil, according to a laboratory study published in the New England Journal of Medicine and reported on Tuesday. The scientists said the neutralizing ability was roughly equivalent to the vaccine’s effect on a previous less contagious version of the virus from last year.
• Eli Lilly and Co said on Wednesday that its combination antibody therapy to fight COVID-19 reduced the risk of hospitalization and death by 87% in a study of more than 750 high-risk COVID-19 patients. It is the second large, late-stage study to show that combination therapy of two antibodies, bamlanivimab and etesevimab, is effective at treating mild to moderate cases of COVID-19.
• Mindful of hard lessons learned by the previous Democratic administration, President Joe Biden and top aides said on Wednesday that they are planning a nationwide tour to sell Americans on the benefits of the newly passed $1.9 trillion pandemic relief bill. The bill will send $1,400 checks to millions of households, extend unemployment benefits and put billions of dollars into state budgets and industries
• Britain’s economy shrank by less than feared in January, as the country went back into a Coronavirus lockdown, official data showed on Friday. Gross domestic product in January was 2.9% lower than in December, the Office for National Statistics said.
Economists polled by Reuters had expected a contraction of 4.9%.
• European vaccination programmes have been upset over the last week by reports that recipients of the AstraZeneca inoculation have suffered blood clots. The European Medicines Agency has said there is no indication that the events were caused by the vaccination, a view that was echoed by the World Health Organization. AstraZeneca Plc said on Sunday a review of safety data of people vaccinated with its COVID-19 vaccine has shown no evidence of an increased risk of blood clots.
• Over the week, the main Global Stockmarkets were mainly up, with far Eastern markets lagging. The investment D-PIMS Portfolios were highly positive over the week, especially the higher risk Portfolios. They were helped by their diverse allocations.
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The comments made above represent our interpretation of events and market views and are in no way a guarantee of future investment performance.