Vaccine optimism must be tempered with attention to coronavirus resurgence

Contrasting developments on the coronavirus and vaccine fronts have been sending mixed signals to markets in recent weeks. The Covid-19 infection situation has deteriorated, with a resurgence in Europe and the US, while trials of vaccine candidates have produced encouraging results. So far, market sentiment seems to have been dominated by vaccine optimism. Global equities had their largest monthly gain in November since 1988, helped by positive vaccine news on three consecutive Mondays during…

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