The market has gone ballistic on the Pfizer vaccine story

DAX

European equities are soaring across the board as gains push to over 5% now and we are seeing that translate to heavy losses for the yen in particular, with investors rotating away from bonds and piling into risk assets.

The DAX has pretty much erased the drop from lockdown fears last month as gains now stretch to almost 5.5% on the day. Madness.

DAX