“The markets need prospects as much as they need results”

Losses and profits. Like bells ringing on the fly to announce the armistice. On the eve of the celebration of the end of the 1914-1918 war, the presentation of the first very positive results of the Pfizer and BioNTech vaccine seems to predict the imminent end of hostilities in the health battle that began a little less than ‘one year in China. Of course, the tests are not complete, many uncertainties remain as to the capacity of production and distribution on a very large scale of such a sophisticated product, but this is enough to give hope.

The most responsive thermometer to this surge of optimism, the stock market ignited. By jumping by almost 8%, Paris recorded one of the biggest increases in the last ten years, as did all the European places. As if in a hurry to turn the page, investors threw themselves greedily on the assets most massacred by the crisis. Air France KLM grew by 27%, its British counterpart IAG (British Airways) by 25% and easyJet by 35%.

Read also When can we expect to have a vaccine? Who will have priority? Update on research against Covid-19

The prize goes to the companies most symbolic of the crisis, such as the Carnival cruise group, which has soared by nearly 40%. And as if to signify that we are moving on, the traditional stars of recent months have looked grim. The leader in videoconferencing Zoom fell by 17%, that of exercise bikes, Peloton, by 20%, and even Amazon conceded a 5% drop.


However, nothing has changed in our confined lives, especially in France, where the figures distilled by the health authorities remain very worrying. It will take at least six months to measure the concrete effects of this vaccine and the others that are on the way. But it changes the game. A corner of blue sky that makes you want to walk again. Like all of us, but with even greater excitement, market professionals need prospects as much as results.

It remains to be seen, however, that the violence of the turnaround observed on the market really bodes well for such a spectacular economic recovery. A restart in “V”, which one does not believe any more in Europe. Yet this is what happened in China. On the aviation front, which was said to have been undermined for many years, Airbus announced that it had recorded 72 aircraft orders in October, its best month of the year and a level close to that of 2019. Traffic aviation in the Middle Kingdom has also returned to pre-pandemic levels.

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