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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  AstraZeneca PLC    AZN   GB0009895292

ASTRAZENECA PLC

(AZN)
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Stocks shoot up as vaccine progress, Biden transition boost confidence

11/23/2020 | 08:10pm EST

* AstraZeneca vaccine news drives risk-on approach

* Vaccine could be released by mid-December

* Trump, government officials nod to formal Biden transition

* For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window.

*

WASHINGTON, Nov 23 (Reuters) - Asian stocks opened higher on Tuesday as COVID-19 vaccine progress shored up global sentiment and U.S. President-elect Joe Biden was given the go-ahead to begin his White House transition.

U.S. General Services Administration chief Emily Murphy wrote in a letter to Biden on Monday that he can formally begin the hand-over process.

President Donald Trump tweeted that he had told his team "do what needs to be done with regard to initial protocols," an indication he was moving toward a transition after weeks of legal challenges to the election results.

That helped futures for the S&P 500 up 0.52% in early Asian trade while Japan's Nikkei was 1.8% higher and Australia's S&P/ASX 200 1.11% stronger.

Those gains followed an upbeat Wall Street session that was driven by positive vaccine news.

AstraZeneca said its COVID-19 vaccine, cheaper to make, easier to distribute and faster to scale-up than its rivals, could be as much as 90% effective.

U.S. stocks got an extra boost after reports that Biden plans to nominate former Federal Reserve Chair, Janet Yellen, to become the next Treasury Secretary.

"Traders are still buying into vaccine news clearance, as the end of the pandemic becomes imaginable. Recent U.S. data restored a bit of confidence that the economy is holding up, despite surging COVID-19 infections and a painful lack of fresh fiscal stimulus," said Kyle Rodda, a market analyst for IG Australia.

"And the news of Yellen's possible nomination to the role of U.S. Treasury Secretary potentially puts a very Fed-friendly uber-dove at the reins of fiscal policy."

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.27%.

The U.S. dollar index touched its lowest since Sept. 1 before edging 0.214% higher with the euro unchanged at $1.184.

On Wall Street, the Dow Jones Industrial Average rose 1.12%, the S&P 500 gained or 0.56% while the Nasdaq Composite added only 0.22%, underperforming as traders rotated away from big tech names.

Some analysts expect big, short-term risks ahead the U.S. Thanksgiving holiday, although others say unexpected news events at the start of the shorter trading week helped investors focus on the growing positives for financial markets.

Oil prices added to last week's gains as traders anticipated the vaccine news would spur a recovery in energy demand.

"Investors are ignoring near-term headwinds, chief among which are surging global COVID infections, and instead looking ahead to next summer," said PVM analyst Stephen Brennock.

The United States surpassed 255,000 deaths and 12 million infections since the pandemic began, with daily infections at a record near 170,000 and daily deaths around 1,500.

U.S. crude recently fell 0.26% to $42.95 per barrel and Brent was at $45.83, up 1.94% on the day.

An index of commodity prices touched its highest since early March.

The yield on the benchmark 10-year notes rose slightly to 0.8701%.

Spot gold was little changed at $1,835.21 an ounce. U.S. gold futures fell 0.46% to $1,829.30 an ounce.

(Reporting by Katanga Johnson; Editing by Sam Holmes)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ASTRAZENECA PLC 0.92% 7662 Delayed Quote.3.66%
DJ INDUSTRIAL -0.57% 30814.26 Delayed Quote.0.68%
EURO / US DOLLAR (EUR/USD) 0.09% 1.20765 Delayed Quote.-1.21%
GOLD 1.47% 1836.99 Delayed Quote.-3.70%
LONDON BRENT OIL -0.27% 54.74 Delayed Quote.9.17%
NASDAQ 100 -0.73% 12803.932503 Delayed Quote.-0.65%
NASDAQ COMP. -0.87% 12998.502287 Delayed Quote.0.86%
NIKKEI 225 -0.97% 28242.21 Real-time Quote.3.92%
S&P 500 -0.72% 3768.25 Delayed Quote.0.32%
S&P/ASX 200 0.68% 6710.8 Real-time Quote.1.95%
WTI -0.15% 52.067 Delayed Quote.11.60%
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Financials (USD)
Sales 2020 26 400 M - -
Net income 2020 2 970 M - -
Net Debt 2020 13 217 M - -
P/E ratio 2020 32,0x
Yield 2020 3,67%
Capitalization 99 658 M 135 B -
EV / Sales 2020 4,28x
EV / Sales 2021 3,69x
Nbr of Employees 70 600
Free-Float 95,7%
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Technical analysis trends ASTRAZENECA PLC
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Mean consensus BUY
Number of Analysts 25
Average target price 126,16 $
Last Close Price 76,62 $
Spread / Highest target 104%
Spread / Average Target 64,7%
Spread / Lowest Target 9,75%
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Managers and Directors
NameTitle
Pascal Soriot Chief Executive Officer & Executive Director
Leif Valdemar Johansson Non-Executive Chairman
Pam P. Cheng Executive VP-Operations & Information Technology
Marc Pierre Jean Dunoyer Chief Financial Officer & Executive Director
Menelas N. Pangalos EVP-Biopharmaceuticals Research & Development
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