Last year, four major opportunities to battle COVID-19 were missed. If vaccine inequality will prevail in the coming months, that would represent the fifth missed opportunity – with prohibitive human costs and economic damage.
Recently, I was virtually at the prestigious Bruno Kreisky Forum for International Dialogue (Vienna, Austria) and had a conversation with Ambassador Irene Giner-Reichl (for the video, see https://www.youtube.com/watch?v=sUcGG22B YA ). The focus was on the missed opportunities and the future of the global pandemic future.
Recently, UN Secretary-General Antonio Guterres sharply criticized the “wildly uneven and unfair” distribution of COVID-19 vaccines. Addressing the Security Council, Guterres noted that just 10 countries have administered 75% of all vaccinations. Meanwhile, 130 countries had not received a single dose.
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Matthew Levy writes: In keeping with last week’s theme, the market has mainly traded sideways this week. However, that correction I’ve been calling for weeks? We have potentially started.
While I don’t foresee a crash like we saw last March and feel that the wheels are in motion for a healthy 2021, I still maintain that some correction before the end of Q1 could happen. Bank of America also echoed this statement and said last week that “We expect a buyable 5-10% Q1 correction as the big ‘unknowns’ coincide with exuberant positioning, record equity supply, and as good as it gets’ earnings revisions.”