Stocks traded along the flatline Wednesday as traders grappled with renewed U.S.-China tensions and a coronavirus vaccine deal between the U.S. government and Pfizer and BioNTech, CNBC reports. Foreign ministry spokesperson Wang Wenbin condemned the action and warned of firm countermeasures if the U.S. does not reverse its decision. However, market bearishness was kept in check after the U.S. agreed to pay Pfizer and German-partner BioNTech US$1.95 billion to produce 100 million coronavirus vaccine if it proves to be safe and effective. The Department of Health and Human Services added the U.S. can acquire an additional 500 million doses of the drug under the agreement. “However, the urgency of the pandemic ... has resulted in a mobilization of global medical resources rarely seen before in human history.

Source: The Standard July 22, 2020 14:03 UTC