Treasury yields moved lower and flatter overnight with ongoing uncertainty related to a stimulus agreement and Brexit, and U.S. equity futures are down 55-70 bps ahead of the open. British Prime Minister Boris Johnson and the head of the European Commission Ursula von der Leyen both said that a Brexit trade deal is unlikely prior to the U.K. leaving the European Union in three weeks, which has European equity indices down more than 1% today. On a positive note, The FDA’s advisory panel yesterday recommended approval of the Pfizer/BioNTech vaccine, opening the door for emergency authorization by the agency as soon as today.
Jason Haley
Chief Investment Officer
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