Eli Lilly receives authorisation for COVID-19 antibody treatment

The Financial Times is reporting on the news that the US Food and Drug Administration has given Eli Lilly the first emergency use authorisation for a Covid-19 antibody treatment, which the drugmaker hopes will help vulnerable people avoid hospitalisation.

The news reinforces the positive mood for financial markets considering the main headlines from earlier on a trial vaccine from the US drugmaker Pfizer Inc PFE and German partner BioNTech SE BNTX.

The partnership released a statement that said a large-scale clinical trial showed their vaccine was more than 90% effective in preventing COVID-19.

Equity markets surged on news as it is by far the most encouraging vaccine news to date.

Meanwhile, investors also looked favourably on a Biden administration despite Trump’s decry of the outcome and his intent to challenge it through the courts.

Market implications

The yen is a major focus considering the implications for risk and how it trades as a safe haven.

• USD/JPY Price Analysis: If there is more juice in the dollar, then target 105.80