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Stocks are on the rise, with S&P futures topping the 2,900 level on hopes from a vaccine, signs of a V-shaped recovery in China and a softer US approach to China, FXStreet’s analyst Yohay Elam reports.

Key quotes 

“Moderna, an American pharmaceutical company, said that it is seeing positive results in its coronavirus vaccine trials. While details are lacking and being able to manufacture and distribute an immunization may take time, the firm’s announcement is good news.”

“Bloomberg has reported that Chinese oil demand is almost back to pre-virus levels. […] China was the first to suffer from the coronavirus. Its preliminary signs of a V-shaped recovery is encouraging for the world economy.”

“Peter Navarro, a China hawk at the White House, alleged that China sent infected people on planes to sow the seeds of the disease. On Monday, his WH peer Kevin Hasset said that China seems to adhere to the deal signed only January 15. While Hasset did have some criticism against Beijing his tone is already much more moderate.”