1.

Pfizer and BioNTech’s Covid-19 vaccine starts to work within about 10 days of the first dose,
according to new documents released by the US regulator ahead of an advisory meeting this
week to discuss whether to grant it emergency approval.

https://www.ft.com/content/b9ab187c-2d93-4e17-b370-e53c7b0a2886
2. Moscow’s targeted approach to supporting Russia’s economy during the pandemic has helped it
bounce back from the crisis quicker than most of the industrialised world, says a deputy finance
minister.

https://www.ft.com/content/5a21001c-b165-4b40-b72e-0f90c6b88a60
3. China has drastically curtailed the overseas lending programme of its two largest policy banks,
after nearly a decade of ambitious growth which at its peak rivalled that of the World Bank, new
research indicates.

https://www.ft.com/content/1cb3e33b-e2c2-4743-ae41-d3fffffa4259
4. Traders are bracing for big swings in the value of the pound as UK-EU trade talks go down to the
wire, with implied volatility hitting its highest level since the coronavirus crisis tore through
markets earlier this year.

https://www.ft.com/content/cec5457a-7256-4b47-b5d6-0838720eda6a
5. More than 200 blank cheque companies have listed so far this year, raising a record $66.3bn,
according to data provider Refinitiv.

https://www.ft.com/content/faedd2a1-2008-4f1e-9198-7694fba791b0
6. Citing scores of internal emails, two lawsuits allege that Facebook has defended its social media
monopoly for years with a “buy or bury” approach to its rivals, such as Instagram and
WhatsApp.

https://www.ft.com/content/4be47818-e889-4442-a009-1d1adda25b0d
7. New US jobless claims accelerated last week to their highest level since mid-September, jumping
to 853,000 after a fresh surge in coronavirus cases spurred a new round of shutdowns that has
stymied the labour market’s recovery.

https://www.ft.com/content/3b3e8a27-7722-49aa-89b5-058cca8f3fc3
8. The number of job openings kept rising in October — though there’s still a whopping shortage
for the number of unemployed, according to the Job Openings and Layover Turnover survey
(JOLTS) out Wednesday.

https://www.axios.com/job-openings-unemployment-recovery-9e76f533-aa58-4369-9a84-
6d83cfb4ddb6.html
9. Lumber (and wood) is the most reported material shortage among commercial contractors —
and the problem is getting worse.

https://www.axios.com/lumber-market-housing-demand-82ee55a0-24fd-4561-a92d-
2dcc6b7ea366.html
10. 80% of CFOs say the stock market is overvalued, according to Deloitte's quarterly survey of
Fortune 500 executives.

https://www.axios.com/cfo-stock-market-overvalued-deloitte-493c28de-aa2c-4b4b-b3bc-
 1599d359ddec.html

11. The number of U.S. public companies turning to the equity markets to raise cash is at the
highest level in at least 10 years, according to data by Dealogic provided first to Axios.

https://www.axios.com/public-company-share-sale-tesla-elon-musk-b460f260-0bf2-452a-8bbd-
ce5bd9acda8b.html
12. When the coronavirus forced businesses to tell their employees not to work, most kept paying
at least some of those workers' wages — but not their health insurance premiums.

https://www.axios.com/microsoft-productivity-score-remote-work-surveillance-2dda85e6-3c7f-
 4361-9173-48dd94090287.html

13. Describing safe, reliable, and equitable water access as a fundamental human right that proves
critical to both health and livelihoods, a research found that 471,000 U.S. households lack
universal access to "complete plumbing" - approximately 1.1 million individuals.
 https://www.statista.com/chart/23731/number-of-households-people-without-piped-running-
water/?utm_source=Statista+Global&utm_campaign=45fd9bc1c1-
All_InfographTicker_daily_COM_AM_KW49_2020_Th_COPY&utm_medium=email&utm_term=0
_afecd219f5-45fd9bc1c1-309824226

14. According to research published in The Anthropocene Review, the weight of the 'material
output of the contemporary human enterprise' amounts to 30.11 trillion tonnes.
 https://www.statista.com/chart/7175/the-weight-of-human-influence-on-the-earth/?
utm_source=Statista+Global&utm_campaign=45fd9bc1c1-
All_InfographTicker_daily_COM_AM_KW49_2020_Th_COPY&utm_medium=email&utm_term=0
_afecd219f5-45fd9bc1c1-309824226

15. According to numbers by the International Energy Agency, Japan is the country with the highest
goals for fuel cell cars.
 https://www.statista.com/chart/23735/number-of-fuel-cell-hydrogen-cars-and-targets-
selected-countries/?utm_source=Statista+Global&utm_campaign=45fd9bc1c1-
All_InfographTicker_daily_COM_AM_KW49_2020_Th_COPY&utm_medium=email&utm_term=0
_afecd219f5-45fd9bc1c1-309824226

16. According to numbers published by the OECD, support for agriculture producers and consumer
differs significantly between countries. In its 2020 Agricultural Policy Monitoring report, the
organization notes that India was among the countries that was actually taking money out of the
pockets of its farmers by setting low prices for some commodities.

https://www.statista.com/chart/23733/agricultural-support-by-country-producers-consumers/?
utm_source=Statista+Global&utm_campaign=45fd9bc1c1-
All_InfographTicker_daily_COM_AM_KW49_2020_Th_COPY&utm_medium=email&utm_term=0
_afecd219f5-45fd9bc1c1-309824226
17. Aside from tourism, there aren't many sectors of the economy suffering more from the effects
of the coronavirus pandemic than the performing arts.

https://www.statista.com/chart/23222/change-in-uk-arts-sector-revenue-pandemic/?
utm_source=Statista+Global&utm_campaign=45fd9bc1c1-
All_InfographTicker_daily_COM_AM_KW49_2020_Th_COPY&utm_medium=email&utm_term=0
_afecd219f5-45fd9bc1c1-309824226
18. While business is still down overall and nowhere close to pre-pandemic levels, the San Francisco
home-rental startup has gained ground over rivals in the hotel industry as people have ventured
into small towns and cities to work remotely, or taken a manageable break from a health crisis
that has largely kept them at home.

https://www.wsj.com/articles/airbnbs-road-to-ipo-mounting-valuation-and-costs-
11607601609?mod=hp_lead_pos5
19. Meanwhile, the stock market recovered quickly, and the labor market’s recovery beat
expectations. By November, unemployment had fallen to 6.7% from 14.7% in April.

https://www.wsj.com/articles/why-the-u-s-economy-will-take-off-in-2021-11607612401?
mod=hp_lead_pos12
20. The European Central Bank scaled up its emergency bond-buying program by more than a third
and unveiled a new batch of ultracheap loans for banks, a bold move aimed at backstopping the
region’s governments and businesses as they navigate a stubborn resurgence of the Covid-19
pandemic.

https://www.wsj.com/articles/ecb-expands-stimulus-program-to-prop-up-pandemic-hit-
economy-11607604670?mod=hp_lead_pos4
21. The U.S. economic recovery is likely to slow further before the impact of expected approvals of
Covid-19 vaccines makes itself felt in the second quarter of 2021, a new Wall Street Journal
survey shows.

https://www.wsj.com/articles/u-s-recovery-will-cool-further-before-getting-vaccine-boost-wsj-
survey-shows-11607612401
22. The percentage of Chinese manufacturing and infrastructure investment coming from private
companies, after growing in recent decades, peaked in 2015 at more than half of total fixed-
asset investments and has been shrinking since then.

https://www.wsj.com/articles/china-xi-clampdown-private-sector-communist-party-
11607612531
23. Two Roads is among brewers, wineries and distilleries across the country pressing Congress to
continue excise-tax cuts that were created in the 2017 tax law, extended last year and now are
set to lapse Dec. 31.

https://www.wsj.com/articles/coronavirus-battered-breweries-push-congress-to-extend-tax-
 cut-11607605200

24. By contrast, construction, manufacturing and schools all continue to operate during the second
lockdown. Remote work is more widespread and nonessential employees who can’t work
remotely can travel to their jobs.
 https://www.wsj.com/articles/lockdown-lite-spares-economies-but-doesnt-end-pandemic-
11607531785

25. The eurozone recovered much more slowly than the U.S. from the 2008 financial crisis, and
hopes increased spending will help it do better after the pandemic.

https://www.wsj.com/articles/europe-seeks-to-boost-pandemic-damaged-economy-by-
spending-11607266800
26. U.S. job growth slowed sharply in November, suggesting the labor-market recovery is losing
steam amid a surge in coronavirus cases and new business restrictions.
https://www.wsj.com/articles/november-jobs-report-unemployment-rate-2020-11607028480
27. Morgan Stanley plans to move about 100 billion euros ($120 billion) of assets to Frankfurt, the
latest Wall Street bank to shift business away from the U.K.

https://www.bloomberg.com/news/articles/2020-12-10/morgan-stanley-to-shift-about-120-
billion-of-assets-to-germany?
cmpid=BBD121020_CEU&utm_medium=email&utm_source=newsletter&utm_term=201210&ut
m_campaign=closeeurope
28. While several watchdogs and senior monetary policy officials have since come round to the idea
of allowing strong banks to resume payouts early next year, others have emphasized that banks
need to preserve capital for lending amid continued economic uncertainty.

https://www.bloomberg.com/news/articles/2020-12-10/europe-bank-watchdogs-favor-longer-
dividend-ban-with-exceptions?
cmpid=BBD121020_CEU&utm_medium=email&utm_source=newsletter&utm_term=201210&ut
m_campaign=closeeurope
29. Figures just in for November suggest that even when stock pickers do well, hedge funds still
can’t beat the markets against which their performance is measured.

https://www.bloomberg.com/opinion/articles/2020-12-10/hedge-funds-had-a-fine-year-amid-
covid-volatility-that-s-not-enough?
cmpid=BBD121020_CEU&utm_medium=email&utm_source=newsletter&utm_term=201210&ut
m_campaign=closeeurope
30. Inflation rebounded in November, with the Consumer Price Index (CPI) rising 0.2% after a flat
reading in October. The increase was slightly more than expected and pushed the 12-month
change to a still-subdued 1.2%.

https://image.mail1.wf.com/lib/fe8d13727664027a7c/m/5/227fe9b1-8727-4225-9efc-
6395151ede94.pdf?
utm_source=SFMC&utm_medium=email&utm_campaign=&utm_content=&utm_term=7230679
&sid=2622369
31. Students in the US fell behind their historical scores on formative assessments during the 2019–
20 school year. The learning loss was especially acute in schools that predominantly serve
students of color, and it was greater in each subsequent grade.

https://www.mckinsey.com/featured-insights/coronavirus-leading-through-the-crisis/charting-
the-path-to-the-next-normal/american-students-of-color-in-the-us-are-falling-behind-during-
the-pandemic
32. Technologies for wind- and solar-power generation are already available at scale today in
Europe, so the EU power sector could reach net-zero emissions in the next 25 years. And the
demand for clean power could double as other sectors switch to renewable power sources.

https://www.mckinsey.com/featured-insights/coronavirus-leading-through-the-crisis/charting-
the-path-to-the-next-normal/europes-power-sector-could-be-the-first-on-the-continent-to-
 decarbonize

33. A survey of 1,200 businesspeople around the globe, 45 percent told they don’t have a clear plan
for developing capabilities they had designated as high priority.

https://www.mckinsey.com/featured-insights/coronavirus-leading-through-the-crisis/charting-
the-path-to-the-next-normal/around-the-world-theres-a-big-disconnect-around-employee-skill-
building
34. Grocery shoppers’ preference for healthy food has been on the rise through the pandemic. But
they’re also increasingly seeking brands with strong purpose and good values.

https://www.mckinsey.com/featured-insights/coronavirus-leading-through-the-crisis/charting-
the-path-to-the-next-normal/ill-take-the-healthy-food-with-a-side-of-values-and-purpose
35. By far, the best predictor of the amount of research conducted on a country was its gdp.
However, economic size leaves many cases unexplained. Kenya gets three times more articles
than its gdp suggests; Algeria has one-quarter as many as expected.
 https://www.economist.com/graphic-detail/2020/12/12/economists-look-at-more-than-gdp-
when-choosing-countries-to-study

36. Congestion is building at other British ports, including Southampton and London Gateway. Brexit
is to blame for some of the delays, as businesses stockpile goods before Britain’s transition
period ends on December 31st.
 https://www.economist.com/graphic-detail/2020/12/09/a-surge-of-imports-is-causing-havoc-
in-the-worlds-ports

37. Airbnb has realised that cleanliness is next to confidence. Since October it has required its hosts
around the world to adhere to strict cleaning guidelines, including using disinfectants approved
by the company.
 https://www.economist.com/graphic-detail/2020/12/08/airbnb-guests-seek-out-cleaner-
properties-in-the-pandemic

38. Even as Mr Johnson faces a difficult choice between a hard Brexit with a trade deal or an even
harder Brexit without one, popular support for the very idea of leaving the EU has declined.
https://www.economist.com/graphic-detail/2020/12/07/britain-is-heading-for-a-hard-brexit-
voters-now-prefer-none-at-all
39. COAL ACCOUNTS for a staggering 39% of annual emissions of carbon dioxide from fossil fuels. If
global emissions are to fall far enough, fast enough, to limit global warming the use of coal must
be phased out.

https://www.economist.com/graphic-detail/2020/12/04/dethroning-king-coal
40. The recent market rally has taken the CAPE ratio above its level in 1929, giving wary investors
visions of past bubbles (see chart). But giddy stock prices do not always mean a crash is
imminent.

https://www.economist.com/graphic-detail/2020/12/04/expensive-stocks-do-not-necessarily-
mean-a-crash-is-close
41. The UK began a mass vaccination programme this week and it is expected immunisations will
start soon in the US and Canada, fuelling optimism of a recovery in oil demand.

https://www.ft.com/content/83a39c0e-a5bd-459c-9965-0af45c55c210
42. The renewed fervour for a piece of highly valued technology IPOs has stirred unease for many
investors who remember the dotcom bust with trepidation.

https://www.ft.com/content/cfdab1d0-ee5a-4e4a-a37b-20acfc0628e3
43. The centrepiece of the recovery fund — €390bn of grants handed out by Brussels to member
states — will deliver a net benefit worth more than 10 per cent of pre-crisis economic output in
Croatia and Bulgaria, according to the European Central Bank.

https://www.ft.com/content/6b7c2f0e-11a1-483c-b4c8-6ac912181fd8
44. Private debt funds that lent to UK leisure and retail companies have been hit badly by the
pandemic and the ensuing string of insolvencies.

https://www.ft.com/content/9390f916-00cf-4129-8584-763c16d0e08c
45. The fashion industry’s economic profit rose year-on-year by 4 percent in 2019. Our calculations
suggest that it will fall by 93 percent this year.

https://www.mckinsey.com/featured-insights/coronavirus-leading-through-the-crisis/charting-
the-path-to-the-next-normal/fashion-industrys-profits-hemmed-in-by-the-covid-19-pandemic
46. Fears of the "B"-word (bubble) are growing louder. There's a staggering split screen: a teetering
economy with millions unemployed in a pandemic that's killing thousands per day and newly
public tech companies riding high on nosebleed valuations.

https://www.axios.com/airbnb-doordash-ipo-valuations-c8bdd488-395b-48d2-bdeb-
a18b7b9a8d7f.html
47. Over half of the media jobs lost this year were in digital, print and broadcast newsrooms,
according to new data from Challenger, Gray & Christmas, Inc.

https://www.axios.com/media-unemployment-job-loss-44acca2d-a339-463f-924d-
c7963f5d5601.html
48. The ad market only ended up falling about 4.2% in the U.S. this year, thanks to digital media.

https://www.axios.com/ad-market-big-tech-social-media-ee29a10a-8872-4912-a275-
0514969820e2.html
49. Congressional aides tell Axios that the stimulus proposal put forth by Senate Majority Leader
Mitch McConnell, which already has President Trump's seal of approval, would provide $15
billion in grants to independent performance venues and movie theaters.

https://www.axios.com/congress-relief-small-theaters-adac4f8a-41ac-4eec-9acb-
996523bd87fc.html
50. In 2020, millions of Americans suddenly altered their travel habits, canceled vacations, and
worked and learned from home. Data from the Census Bureau’s most recent Quarterly Financial
Report (QFR) can help identify some of the effects from these sweeping changes.

https://fredblog.stlouisfed.org/2020/12/how-staying-at-home-in-2020-affected-the-
transportation-industry-part-1/