☑️Mr. FeelGood. Johnson and Johnson's COVID vaccine testing has reported some positive results thus far. Read: no one became a mutant supervillain. The two-dose vaccine has produced a strong immune response, creating neutralizing antibodies in the 1k adults tested.
Based on these results, J&J has indicated it will kick off its final 60k person Phase 3 trial, which should be completed by early 2020. It's worth noting that no participants have died from ovarian cancer during testing… yet. People don't forget.
☑️What a Deutsche-bag. Two former Deutsche Bank traders were convicted of fraud on Friday. Cedric "The Entertainer" Chanu and James "Woods" Vorley made numerous trades between 2008 to 2013 to illegally manipulate gold and silver prices. Should've gone to Jared…
This was the largest spoofing case since the flash crash of 2010. For those of you who weren't in my University of Phoenix finance class, spoofing is the practice of creating false market indicators by canceling buy or sell orders before they're executed.
☑️Say something nice about DB. Now some positive news for a former Deutsche Bank employee. DB's head of retail, Manfred Knof, will be taking his talents to Commerzbank and become its new CEO. Knof will lead Commerz through its turnaround efforts and oversee roughly 10k job cuts and 800 branch closures. That's dark...
Current CEO Martin Zielke will stay onboard until January 1. This announcement follows less than two years since Commerz and Deutsche failed to merge, so it looks like Manfred finally achieved his dream of joining Commerzbank.
☑️Ya'll mind if I have a good week? The US financial markets closed the week strong, but don't let that distract you from the fact that the S&P 500 has fallen for four weeks in a row. Selloff September has lived up to its name as investors have grown concerned that the economy might struggle without a little help from our representatives in DC. Looking at you, Congress...
Commodity producers and banks led the way, as these sectors are closely tied to economic growth. It also doesn't help that the coronavirus is still here, not unlike your inlaws that just don't know how to take a hint and leave after all other family have left the potluck.
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