LONDON: (HRNW) News of a breakthrough in the race to find a COVID-19 vaccine sparked one of the heaviest trading days since the height of the pandemic crisis, according to early data analysed by Reuters, with nearly $2 trillion changing hands on Monday.
Traders stampeded to the riskier plays in equities, foreign exchange and bond markets after Pfizer released positive data on its vaccine trial, while rotating out of safe havens such as technology stocks, Japanese yen JPY= and top-rated bonds.
“Volumes (are) also surging as programmes and baskets go to work to either correct portfolio balances or address margin calls,” said Mark Taylor, sales trader at Mirabaud Securities, highlighting a jump in volumes in the airlines and banking sectors.
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