Good morning. The U.K. starts its Moderna vaccine rollout, Iran talks continue, global growth forecasts are boosted and Samsung’s profit jumps. Here’s what’s moving markets.
Moderna Time
The U.K. will begin rolling out the Moderna vaccine today, with the shot first offered in Wales, making it the third approved vaccine to be offered in Britain. Meanwhile, the European Union expects most member states to have sufficient vaccine supplies to immunize the majority of people by the end of June. However, meeting the target may depend on uptake of the Astra shot, for which child trials are being held up as the U.K.’s drug regulator investigates rare cases of blood clots in adults. Elsewhere, London’s bankers have started to trickle back into the City, while Germany faces more calls for strict, short-term restrictions.
Iran Talks
Iran and world powers on Tuesday began talks to resurrect the troubled nuclear deal, with negotiators from the U.S. and Islamic Republic gathered at the same venue for the first time since former U.S. leader Donald Trump plunged the accord into doubt in 2018. The discussions in Vienna may extend through the end of the week, Bloomberg reports, though Iranian and American representatives aren’t expected to speak directly, reflecting current deep distrust. Oil is steady as traders wonder whether or not the talks could lead to added Iranian supply.
Growth Lift
The International Monetary Fund said the global economy will expand 6% this year, up from the 5.5% pace estimated in January. That would be the most in four decades, though comes after the worst peacetime decline since the Great Depression. China will contribute more than one-fifth of the total increase in the world’s gross domestic product in the five years through 2026, according to Bloomberg calculations based on IMF forecasts. Later, investors will eye minutes of the March Federal Reserve meeting, with policy makers seeing significant slack in the labor market, according to Bloomberg Intelligence.
Samsung Profit Jump
Samsung Electronics profit for the first quarter rose 44% from the prior year amid the early release of a new flagship smartphone and strong gadget sales. The world’s largest memory maker had warned about profitability declining in the first quarter, anticipating weaker demand, but instead the economic rebound from the pandemic happened faster than expected and semiconductor prices are now on the rise. Samsung’s smartphone shipments are estimated up 25% from the previous quarter, with an average selling price more than 20% higher, according to one broker.
Coming Up…
European stock futures are slightly lower after shares rose to a record on Tuesday, while Asian equities were steady overnight. Retail investors…
Read More: Stock Markets Today: Moderna vaccine; Iran talks; IMF forecast; Samsung