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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  AstraZeneca PLC    AZN   GB0009895292

ASTRAZENECA PLC

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Stocks rack up the records, dollar sings the blues

11/27/2020 | 05:11am EST

* Highly anticipated vaccine facing more scrutiny

* Equity markets ready for record highs

* U.S. markets on shortened hours after Thanksgiving holiday

* Graphic: 2020 asset performance http://tmsnrt.rs/2yaDPgn

* Graphic: World FX rates in 2020 http://tmsnrt.rs/2egbfVh

LONDON, Nov 27 (Reuters) - World stocks remained on course for their best month ever on Friday as recent vaccine progress, Joe Biden's U.S. presidential election win, hopes for further stimulus, a commodity surge and a weak dollar all lifted the spirits.

European markets had a touch of caution ahead of a barrage of economic data and as questions emerged over trial data on AstraZeneca's COVID-19 vaccine, but that wasn't going to derail a November to remember.

Germany's, France's, Italy's and Spain's main bourses all squeezed out gains and government bond yields stayed lows after the European Central Bank reinforced expectations of further stimulus next month.

London's FTSE was fractionally lower with some last-minute Brexit nerves, but with Wall Street pointing to a post-Thanksgiving rise MSCI's main world index was readying another all-time high.

"Risk sentiment is in reasonable nick because we've got vaccines and easy money," said Societe Generale strategist Kit Juckes. "That is the underpinning of optimism."

It hadn't been all good news overnight. Australian shares ended down 0.5% and Treasury Wine Estates was whacked 11.25% as China slapped new tariffs on Australian wine, the latest move in the countries' long-running trade spat.

But shares in China still rose 0.1% after data there showed industrial profits surged at the fastest pace since early 2017. South Korean stocks and Japan's Nikkei both rose 0.3% too, albeit in choppy trade.

British drugmaker AstraZeneca's coronavirus drug was touted as a "vaccine for the world" due to its inexpensive cost, but the efficacy of the vaccine is now facing more intense scrutiny, which experts say could delay its approval.

Several scientists have raised doubts about the robustness of results showing the shot was 90% effective in a sub-group of trial participants who, by error initially, received a half dose followed by a full dose.

"With global (coronavirus) case numbers having now topped 60 million... there is certainly some rough terrain ahead for the global recovery, and that can create economic scarring," analysts at ANZ Bank wrote in a memo.

VIRUS VS VACCINE

U.S. hospitalizations for COVID-19 are at a record and experts warn that Thanksgiving gatherings could lead to further infections and deaths.

More than 20 million people across England will be forced to live under the toughest restrictions even after a national lockdown ends on Dec. 2. Partial lockdowns in some European countries have also raised concern about economic growth.

The European Central Bank's chief economist highlighted these concerns, saying there were "some worrying signals" in financing conditions in Europe for small and medium-sized enterprises, which pushed European bond yields lower.

German 10-year Bund yields traded near two-week lows on Friday, while Portugal's 10-year government bond yields touched zero for the first time.

The euro, which last bought $1.1924, showed little reaction because currency traders have largely priced in expectations for additional ECB easing next month.

The dollar, which has fallen more than 2.2% so far this month as global sentiment has surged, lessening demand for the safe-haven currency, was near its lowest in nearly three months.

"Surely euro-dollar can't break through $1.20 without good news on the (Brexit) trade deal," Societe Generale's Juckes added.

The yield on benchmark 10-year Treasury notes fell to 0.8586% as some investors sought the safety of holding government debt.

In commodity markets, copper, another key gauge of global economic sentiment due to its use in infrastructure, hit a near 7-1/2 month high. Oil, though up nearly 30% this month, dipped overnight on oversupply concerns, but Brent recovered in London to rise to $48 per barrel.

Bitcoin, the world's biggest cryptocurrency, edged up to $17,256 on Thursday after tumbling 8.4% in the previous session, having failed to take out its record high of $19,666.

The cryptocurrency showed little reaction to a report in the Financial Times that Facebook will launch its own Libra digital currency in limited format next year.

Bitcoin has rallied around 140% this year, fuelled by demand for riskier assets.

(Additional reporting by Stanley White in Tokyo; Editing by Jan Harvey)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ASTRAZENECA PLC 0.72% 7714.995 Delayed Quote.4.62%
BITCOIN - EURO 1.66% 31064.265 Real-time Quote.29.20%
EURO / BRITISH POUND (EUR/GBP) 0.19% 0.89076 Delayed Quote.-0.48%
EURO / US DOLLAR (EUR/USD) 0.45% 1.21301 Delayed Quote.-1.12%
FACEBOOK INC 1.38% 254.5 Delayed Quote.-7.98%
LONDON BRENT OIL 2.14% 55.92 Delayed Quote.6.15%
NIKKEI 225 1.39% 28633.46 Real-time Quote.2.91%
TREASURY WINE ESTATES LIMITED 0.75% 9.35 End-of-day quote.-0.53%
WTI 1.36% 52.971 Delayed Quote.8.19%
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Financials (USD)
Sales 2020 26 400 M - -
Net income 2020 2 970 M - -
Net Debt 2020 13 217 M - -
P/E ratio 2020 40,8x
Yield 2020 2,71%
Capitalization 137 B 137 B -
EV / Sales 2020 5,67x
EV / Sales 2021 4,92x
Nbr of Employees 70 600
Free-Float 95,7%
Chart ASTRAZENECA PLC
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AstraZeneca PLC Technical Analysis Chart | AZN | GB0009895292 | MarketScreener
Technical analysis trends ASTRAZENECA PLC
Short TermMid-TermLong Term
TrendsBearishBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 25
Average target price 126,16 $
Last Close Price 104,06 $
Spread / Highest target 50,0%
Spread / Average Target 21,2%
Spread / Lowest Target -19,2%
EPS Revisions
Managers and Directors
NameTitle
Pascal Soriot Chief Executive Officer & Executive Director
Leif Valdemar Johansson Non-Executive Chairman
Pam P. Cheng Executive VP-Operations & Information Technology
Marc Pierre Jean Dunoyer Chief Financial Officer & Executive Director
Menelas N. Pangalos EVP-Biopharmaceuticals Research & Development
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