Proactive analyst Richard Jeans says the announcement of a Covid-19 vaccine by BioNTech-Pfizer on Monday, heightened the expectation of a vaccine and hence acted as a catalyst to a huge jump in markets, a shift to risk-on trades.
Jeans says this inspired risk on trade, with big moves in stocks hurt by the pandemic, notable travel & leisure and energy related, and with the FTSE up around 7% since last Friday.
However, tech stocks have been mixed, the tech heavy Nasdaq is slightly down since Friday and we have seen declines in UK tech leaders including Avast, Computacenter, GBG Group, Kainos and Keywords Studios.
