Although he still hasn’t conceded - he twitted a few hours ago that “We are moving full speed ahead. Will never concede to fake ballots & “Dominion" - Donald Trump has just taken a big step towards acknowledging his defeat. The American president finally gave the green light on Monday evening to the process of transferring power to Joe Biden, who has started, without waiting for it, to draw his government.

After more than two weeks of a situation unprecedented in American political history, investors are starting to see a return to some normality.

Joe Biden revealed some of the headliners of his administration: Anthony Blinken will be overseeing foreign Affairs, John Kerry environmental policies and Janet Yellen at the Treasury, the first woman to hold this position.

At the same time, the imminent arrival of vaccines has reduced some unknowns about next year. The appetite of investors for stocks laminated in the spring is not waning: oil companies exploded yesterday and technology companies have once again taken a nosedive.

On financial markets, for the third week in a row, a positive vaccine announcement was made. This time from the duo AstraZeneca / Oxford University. There was some debate about the efficacy of the British vaccine, which was a few points lower than that of the other two candidates, but this was easily swept away by the lower logistical requirements. In any case, the multiplication of effective vaccines is good news for everyone because it reduces dependence on one or the other treatment.

AstraZeneca's announcement did not result in the same global spike as that of Pfizer and BioNTech on November 9, or Moderna on November 16. Nevertheless, it has reinforced the rotation of assets started 15 days ago by boosting cyclical industrial companies, airlines and oil companies. On Wall Street, Apple lost 3% while Occidental Petroleum gained 17%: something is happening. These discrepancies have difficulty appearing in indices: Apple weighs so much and Occidental so little. This is a little more visible on the Dow Jones, since the index doesn't take into account the real stock market weights but the prices of companies that make it up. Thus, the pulling power of Chevron, The Boeing Company and The Walt Disney Company enabled it to gain 1.12% yesterday, despite the declines of Apple and pharmaceuticals.

After the avalanche of PMI indicators yesterday, calm returns today with two important indicators, the German Ifo and the Richmond Fed Index.