Doubts still linger around the potential vaccine — including how and when it will be distributed, and whether Pfizer’s jabs end up as the international solution. Some caution is warranted. But for fund managers paid to look ahead, such details are irrelevant. The key is that an end is in sight. “Health-wise, all that is pretty important. But from a markets perspective, it’s not,” said Salman Baig, a multi-asset investment manager at Unigestion in Geneva. The US presidential election is over, leaving no serious check doubt among fund managers that Joe Biden will take office in January, Mr Baig said, and the vaccine news for the first time opens up the real possibility of life returning to normal as soon as next year. “That’s two major sources of uncertainty that are much lower. We should see a broad rally from here.” Global stocks were already floating around all-time highs before news of a potential vaccine broke, lifted by the huge dose of monetary stimulus administered by central banks from March to soften the financial impact of the pandemic.https://www.ft.com/content/4e0f8c02-e7d6-452d-91b2-458447847642
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