News & analysis

Vaccine rollout continues in March for its third month now, but significant obstacles still stand in its way. Since our February chartbook, increased supply plans by the single-shot drug of Johnson & Johnson have improved prospects for the global campaign, with the pharmaceutical company expanding delivery plans by 0.6 billion doses. Overall, the joint effort by the ten leading suppliers can now cover the entire world population’s treatment this year, but the devil is still in the distribution.  While delivery gaps have started to narrow across major economies, the race continues to show the UK and the US as the front runners in the G10 space, whereas Europe, Canada and Asian countries lag significantly. Moreover, prospects for developing economies are yet to improve. The pace of vaccination still sets the tone for market sentiment across the world, with currencies continuing to trade in line with main developments in the vaccination front. This dynamic competes with stimulus measures currently dominating the global outlook for growth and inflation in the medium-run, forcing central banks to manage policy expectations on the sidelines.

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