Good morning. The U.K. and EU pledge vaccine cooperation, the Suez canal blockage continues, North Korea fires a missile and Bitcoin’s on a losing run. Here’s what’s moving markets.
Win-Win
The U.K. and European Union attempted to ease vaccine nationalism concerns by pledging in a joint statement to find a “win-win” situation on supply, just as questions were being asked about the discovery by police of 29 million AstraZeneca doses at a factory in Italy. Elsewhere, India has placed a temporary hold on all exports of the Astra vaccine due to an expected increase in domestic demand, the BBC reports. Meanwhile, Astra reported a slightly lower efficacy rate for the shot after the results of an American clinical trial were criticized. In restrictions news, the U.K. warned that it may need tougher border measures to prevent the arrival of virus variants, while Prime Minister Boris Johnson also suggested people may have to provide proof of vaccination to visit a pub. Meanwhile, Italy hopes to ease its lockdown after Easter, while German Chancellor Angela Merkel dropped plans for a five-day strict shutdown. “This mistake is solely and alone my mistake,” the leader said in a rare apology.
Still Stuck
The world’s most exciting traffic jam continues as tug boats and diggers fail to dislodge a massive container ship stuck in the Suez Canal. The 200,000-ton Ever Given has been blocking what is arguably the world’s most important waterway since Tuesday morning. An elite salvage squad is due to arrive later, but the best chance for freeing the ship may not come until Sunday or Monday, when the tide will reach a peak, according to one expert. A rough calculation shows there’s about $9.6 billion of daily marine traffic halted, with the route handling about 10% of seaborne trade, spanning everything from finished goods to oil, gas and other commodities. On Wednesday, 185 vessels were waiting to cross the canal, according to shipping data compiled by Bloomberg. The episode has shone a light on one Dutch firm that makes a living out of such situations.
Guess Who
North Korea fired two ballistic missiles on Thursday in breach of United Nations resolutions, according to Japan. “These missile launches, the first in roughly a year, pose a threat to the peace and security of our country and the region,” Japan said. South Korea, meanwhile, added that they were likely short-range ballistic missiles that landed in waters between the Korean Peninsula and Japan. North Korea’s Kim Jong Un is probably testing how U.S. President Joe Biden will react, part of a longstanding tactic of feeling out new U.S. presidents. Biden’s predecessor Donald Trump mostly dismissed the significance of the launches, focusing instead on the benefits of his personal dealings with Kim. Here’s all you need to know on North Korea-U.S. relations.
Losing Run
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