A coronavirus vaccine isn’t necessarily a must-have ingredient to revive the struggling hotel industry, according to Hyatt CEO Mark Hoplamazian.
Hotel analysts and executives spent the last several months saying the industry would not recover from the coronavirus-induced cratering in travel demand until a vaccine or treatment was in widespread distribution. But China’s tough crackdown on movement and social interaction during the early months of the pandemic paid off. The country now leads the world in hotel performance, and Hyatt is even hosting group business events at its properties in Greater China.
“China serves as a great example that travel recovery is possible even without pharmaceutical treatments or a vaccine as long as proper, well-coordinated actions are taken to significantly reduce the spread of the virus,” Hoplamazian said Tuesday during an investor call.
Hyatt’s Greater China —
The development in the potential coronavirus vaccine has infused strong optimism into the broader markets. This is especially true, as Moderna Inc. MRNA has inched closer to a vaccine following promising early data (read: Moderna Inches Closer to Coronavirus Vaccine: ETFs to Shine).
The data demonstrates that vaccination with mRNA-1273 elicits a robust immune response across all dose levels as it produced neutralizing antibodies in all 45 patients. In the trial, each participant received a 25, 100 or 250 microgram dose, with 15 people in each dose group. Participants received two doses of the potential vaccine. The positive result has pushed the vaccine into the phase 3 trial, which is slated to start on Jul 27. The trial will enroll 30,000 participants across 87 locations, according to ClinicalTrials.gov. Participants in the experimental arm will receive a 100 microgram dose of the potential vaccine on the first day and another dose
By Sruthi Shankar and Julien Ponthus
(Reuters) – Hopes of a COVID-19 vaccine pulled European stocks from losses earlier on Wednesday, after fears of a no-deal Brexit and anxieties relating to the European Union’s recovery fund had weighed on sentiment.
Ending a choppy session, the pan-European STOXX 600 index <.STOXX> rose 0.2%, with blue-chip indexes in Paris <.FCHI>, Milan <.FTMIB> and London <.FTSE> down about 0.2%
Markets on both sides of the Atlantic got a boost as a COVID-19 vaccine developed by Pfizer Inc <PFE.N> and German biotech firm BioNTech <BNTX.O> showed promise and was found to be well tolerated in early-stage human trials.
A series of business surveys released earlier showed broad improvements in manufacturing across Europe and Asia as economies opened up, with IHS Markit’s final euro zone Manufacturing Purchasing Managers’ Index (PMI) moving closer to the 50-mark separating growth from contraction in June.
Improving economic data out