Kaohoon Morning Brief – 21 September 2021

1) September selloff continues

Global markets turned negative yesterday as investors fear the tumble of China Evergrande could cause financial problems to the whole market. Meanwhile, Wall Street continued on the losing streak with an unsettled debt ceiling and concerns over rising corporate tax rates, while the Fed meeting is up ahead.

 

2) Pfizer shows efficacy in kids, FDA remains cautious of side effect

Pfizer-BioNTech stated that a lower dose of its coronavirus vaccine is safe and triggered a robust immune response in children as young as five years old. However, it will take weeks or months to get a green light from the Food and Drug Administration (FDA).

FDA said that the organization is working as fast as it can, but needs to ensure the safety of the vaccine, especially the side effect of heart muscle inflammation. The case is rare and FDA estimated the risk was close to 1 in 5,000 among male age 16-17 years old.

 

3) U.S. plans to lift travel restrictions in November

The U.S. is planning to end its travel restrictions in November for fully vaccinated international travellers of Covid-19 vaccine.

 

4) Oil falls 2% as investors turn to dollar

Crude oil prices fell 2% as investors turned to dollars amid rising risks in the stock market. The boost in U.S. dollar makes oil more expensive for holders of other currencies. Brent crude fell 1.9% and WTI plunged 2.3%. Meanwhile, some of the output in the U.S. Gulf has yet to fully operate due to the storm season.