Global Markets: U.K. approves COVID-19 vaccine

By MarketsFarm

WINNIPEG, Dec. 3 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– The United Kingdom approved the Pfizer coronavirus vaccine for emergency use on Wednesday. Prime Minister Boris Johnson said distribution of the vaccine will begin next week, with the first shipment of 800,000 doses. Those shots will be provided to nursing home residents, who are 80-years-old and older, as well as health care workers and other caregivers. The UK has ordered 40 million doses from Pfizer. Developed in conjunction with BioNTech, the Pfizer vaccine proved to be 95 per cent effective in testing. Further approval for its use is soon expected in the United States and the European Union.

– In Canada, Chief Public Health Officer Dr. Theresa Tam stated on Wednesday the list of who will be first to receive the initial 6 million doses of a COVID-19 vaccination needs to be refined. Tam said she is concerned there might not be enough for everyone on the list. Health Canada is currently finalizing its review of the Pfizer and Moderna vaccines with approval expected by the end of December. Health Canada is also examining vaccines from AstraZeneca and Johnson & Johnson with approval to come later. Tam also expressed concern that efforts by anti-vaccine advocates could impede the number of Canadians who are vaccinated.

– The OPEC+ alliance moved closer to a compromise on extending production cuts at a meeting on Thursday, after failing to reach an agreement earlier this week. Initial hopes were to extend the cuts of 7.7 million barrels per day (BPD) from January to March. The alliance is split between countries that want to continue cuts and those that want to increase their production. Reports stated OPEC+ is considering two options, with one being to increase production by 500,000 to 1 million BPD starting from January. The other option is to raise production by 500,000 BPD each month in February, March, April and May.

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