The announcement by two laboratories, according to which they have discovered a vaccine that is 90% effective against Covid-19, has raised optimism in the financial markets.

Several stocks have benefited from this surge in the stock market, notably Aire France-KLM, or even Renault and Peugeot.

Others, on the contrary, have plunged.

DECRYPTION

Pfizer and BioNTech laboratories claim to have discovered a vaccine that is 90% effective.

Currently in phase 3 of the clinical trial, this formula could quickly be produced on a large scale and distributed, if, however, no safety problem was detected.

It didn't take much for the financial markets to take off.

The impact on the CAC 40 was immediate: Monday evening, the Paris Bourse closed up more than 7%.

In addition, on Wall Street, the markets already doped by the election of Joe Biden, have again soared.

In Madrid, Spain being even more affected by the epidemic, the increase even reached 8.5% ...

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A return to equilibrium on the stock market

"We must expect a few hectic sessions to find a point of equilibrium," warns Nicolas Barré, Editorial Director of Echos, at the microphone of Europe 1. "Everything is turned upside down: interest rates have risen because investors tell themselves that central banks will no longer have to support the economy as much.

Thus, oil jumped 8%, "because we are betting on a faster recovery of the economy if we come out of the Covid epidemic", decrypts Nicolas Barré.

Gold fell 5%, "because as soon as things get better, there is less need for safe havens."

The Stock Exchange seems to see the end of the tunnel and is rebalancing.

The action of the Pfizer laboratory is obviously up 8%.

Air France shares also benefited from a wind of optimism, with an increase of + 26%, or even + 19% for Airbus.

Renault and Peugeot are also performing well.

Banks are also picking up colors.

BNP Paribas, Societe Generale, Crédit Agricole all recorded increases of 10 to 16%.

But this vaccine announcement is also making losers, as the BioMérieux laboratory, specialist in tests against the virus, lost nearly 12 hundred Monday afternoon on the Paris Bourse.

For their part, Amazon and Zoom have plunged by more than 13% ...

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A justified runaway?

Are investors a little too optimistic?

"What convinces investors is the announced efficacy rate of 90% for this vaccine," explains Nicolas Barré.

By way of comparison, the flu vaccine is around 60% effective, a rate that depends on the years.

Another pneumonia vaccine from Pfizer reduces the risk of hospitalization by about 70%.

The vaccine against Covid-19, if it manages to complete its clinical trials without pitfalls, will therefore be a real scientific feat.

"This is what the stock market euphoria we witnessed on Monday is based on," adds Nicolas Barré.

"These are tangible elements. One cannot say that the euphoria is not justified, although all this remains to be confirmed."