Pfizer and BioNTech are confident that 3 doses of vaccine will completely neutralize the Omicron strain

Published preliminary results of Pfizer and BioNTech laboratory studies regarding the efficacy of the Omicron vaccine showed that 3 doses of the vaccine would completely neutralize the Omicron strain. Pfizer also said it would submit the full results of its Covid-19 drug, Paxlovid, to the FDA in the coming days.

Economists predict a complete reduction in bond purchases by the Federal Reserve by the end of March next year.

Canada will join the US in a diplomatic boycott of the 2022 Winter Games in Beijing.

Canada’s central bank expectedly left its key interest rate unchanged. The statement also said the bank has no plans to raise its key rate until April-September next year. Meanwhile, the Bank of Canada is keeping a close eye on inflation expectations and labor costs to control the growth.

The European Center for Disease Prevention and Control reports that all Omicron cases in Europe for which severity information is available were either asymptomatic or soft.

Olaf Scholz, German Finance Minister and a leader of the country’s Social Democratic Party has been elected to the post of Chancellor of the Federal Republic of Germany. Scholz changed Angela Merkel, who led Germany for 16 years, and decided not to nominate her candidacy.

US oil production increased by 100,000 bpd to 11.7 million bpd for the week. Oil prices continue to rise since the spread of the Omicron strain will not have as severe an impact on the global economy as originally expected.

Asia-Pacific stock markets are trading without a single dynamic today after Chinese inflation data and also in anticipation of US inflation data, which could influence the Federal Reserve’s (Fed) decision to speed up stimulus cuts. Hong Kong’s Hang Seng Index (HK50) increased by 1.13%, Japan’s Nikkei 225 Index (JP225) decreased by 0.47%, and Australia’s S&P/ASX 200 Index (AU200) lost 0.28%.

The growth of the food costs in China pushed China’s consumer inflation last month to its highest level in nearly a year and a half. However, thanks to a “general easing of price pressures” by the People’s Bank of China, exorbitantly high producer inflation eased in November. China’s consumer price index increased from 1.5% to 2.3%, while the producer price index fell from 13.5% to 12.9%.