Weekly review of the coronavirus: the unbearable backlash from the COP26 menu and Andrew Bailey “very sorry” as the BoE maintains its rates


COP26 organizers came under fire this week as attendees faced long, messy lines outside the conference center, sparking fears of a potential spike in Covid cases, and for serving a non-environmentally friendly menu, consisting mainly of meat and dairy products.

As the Federal Reserve stuck to the script and revealed cuts to its $ 120 billion bond buying program, the Bank of England caught the markets off guard by keeping rates on hold. Faced with rising household costs, Gov. Andrew Bailey adopted a conciliatory tone and said the central bank would “bottle up” regarding rising interest rates in the coming months.

See below for a summary of key events and click through the slides above to find out what investment managers think this means for portfolios.

Monday November 1

-Indonesia becomes first country to approve Novavax’s protein-based Covid-19 vaccine. US biotech company has applied for drug approval in UK, Australia, India and Philippines

-Thailand reopens borders to vaccinated tourists from 60 different countries after 18 months of Covid restrictions

-Shanghai Disneyland closes for two days after theme park weekend visitor tests positive for Covid-19

-The death toll from Covid exceeds 5 million worldwide, according to records compiled by John Hopkins University, with the United States representing the highest number of confirmed victims with 750,000, followed by Brazil with more than 600,000

– Thousands of workers in New York City are put on unpaid leave for refusing to comply with its Covid-19 mandate, forcing all public sector employees to receive the jab

Tuesday, November 2

-China is warning families to stock up on food and other essentials in case of emergencies amid concerns over soaring vegetable prices, bad weather conditions damaging crops and an ongoing Covid epidemic

-United Kingdom suffers its highest daily death toll since February after another 293 people died within 28 days of a positive Covid-19 test

-Greece tightens restrictions on unvaccinated after registering record 6,700 new coronavirus infections in 24 hours

-Pfizer has more than doubled its Covid vaccine sales forecast for 2021 to $ 36 billion and predicts revenue to reach $ 29 billion in 2022

wednesday 3 november

-COP26 organizers criticized for serving menu consisting mostly of meat and dairy, which animal rights activists compare to “serving cigarettes at lung cancer conference”

– The Federal Reserve cuts its bond buying program by $ 120 billion per month, as widely anticipated, pledging to cut its purchases of $ 10 billion treasury bills and mortgage-backed securities ‘$ 5 billion per month agencies

-Inflation in Turkey jumped to 19.89% in October from 19.58% in September, its highest level in nearly three years

– Unemployment in the eurozone fell to 7.4% in September, from 8.6% in the same month last year, as companies grapple with staff shortages

-Average UK house price exceeds £ 250,000 for the first time in October

Thursday, November 4

-Bank of England surprises markets by voting to keep rates at 0.1% despite forecasting inflation to peak at 5%. Monetary Policy Committee votes to keep bond purchases at £ 20bn

-Moderna sees nearly a fifth of its value wiped out after cutting its sales forecast for its Covid-19 vaccine from $ 20 billion to $ 15-18 billion due to delays in international shipments and capacity issues Manufacturing

-United Kingdom becomes first country to give green light to Merck’s antiviral pill for Covid-19

-Companies in the United States are told they have two months to implement the Biden administration’s Covid-19 ‘vaccine or test’ mandate, or they will be fined up to 130,000 $

– Opec continues its plans to gradually increase production, despite pressure from the United States to speed up production in order to suppress rising oil prices

– Wizz Air’s return to profit is short-lived after warning it will have to cut ticket prices to encourage people to fly this winter

-Online real estate agent Purplebricks issues profit warning as demand for new homes exceeds declining supply

-A bi-weekly survey by the Office for National Statistics shows that 37% of UK companies with 10 or more employees reported staff shortages in the two weeks leading up to October 17.

Friday 5 November

-Japan says it will reopen its borders to business travelers, students and technical trainees from next week, but not to foreign tourists

– Bank of England Governor Andrew Bailey says he is “very sorry” for the pressure on households amid rising inflation, but adds that the central bank is not “bottling” regarding rising interest rates in the coming months

-British Airways owner IAG warns it will lose an additional € 3 billion in 2021, despite flights expected to resume in the last three months of the year

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