Already vaccinated against good news?

Editorial After last week’s Pfizer Monday, and despite the race for vaccine efficacy rates, the Moderna Monday was much more subdued in the market. We have seen the continuation of the recovery trade (particularly in commodities and European equities), and the rotation into Value, cyclicals and small caps. But the rebound in risk appetite has remained modest, in our opinion demonstrating that the “vaccine” information is already well priced in. This raises fears of more vulnerability in the short term, given a less positive news flow in terms of health (US, Japan) and fiscal situation (US and Europe).