Another Vaccine Candidate Reports Encouraging Results

Nov 27, 2020 | Nick Scholte


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This development is further fueling optimism that a true "return to normal" will begin to materialize in the second half of 2021.

To my clients:

As we approach year end, and tax season next Spring, I remind clients that tax documents related to your Dominion Securities investment accounts are now available online. If you are not yet set up, I’d encourage you to do so. It is very convenient and will enable permanent and ready access to these documents if ever needed. Please contact Brenda at brenda.goertzen@rbc.com or 778-328-7797 to request that she set you up.

It was an up week for North American stock markets with the Canadian TSX finishing up 2.2%; the U.S. Dow Jones Index finishing up 2.2%; and the U.S. S&P 500 finishing up 2.3%.

Short point form update this week:

- In Europe, Covid-19 new case curves are starting to bend back down – particularly in some of the harder hit countries which imposed various lockdown measures.

- North American cases continue to trend higher, including here in Canada and, closer to home, BC.

- Another vaccine, this time from AstraZeneca in collaboration with Oxford University, has released trial results. Generally speaking, the data looks positive, although not as definitive as the prior vaccine trial data reported from both Pfizer and Moderna. Nonetheless, markets responded positively.

- U.S. weekly jobless claims jumped notably higher this week. This data must be watched closely in the weeks ahead as it likely portends a broader economic slowing in response to rising covid cases.

- As has been the case the past several weeks, markets appear to be “looking through” the deteriorating present reality in anticipation of a vaccine fueled “return to normal” likely to materialize in the second half of 2021.

- I too am shading my outlook toward a rosier second half of 2021. I continue to look for opportunity to add back equity on any material pullback in the market. A modest overweight position in equities (relative to each client’s own long-term target in their Investment Policy Statements) will be the objective.

That’s it for this week. All the best, and stay safe,

Nick

Nick Scholte, CIM, FCSI

Vice-President & Portfolio Manager

Scholte Wealth Management
RBC Dominion Securities Inc. │ Tel: 604.257.7569 │ Fax: 604.235.9950
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Any recommendations herein are for the exclusive use of clients of RBC Dominion Securities and Investment Advisor Nick Scholte. Any other direct or indirect recipient of this email should consult with his/her own licensed investment advisor prior to implementing any investment action he/she may be contemplating.