 Jay, hello everyone. I just wanted to jump back on quickly because we've had latest breaking news, which as you can see on the screen here to decided me as Moderna vaccine found highly effective at preventing COVID. So this was the update which we were anticipating this week. It wasn't a scheduled set time but its release has caused quite a distinct move in markets across asset classes. Very reminiscent of what we saw initially with Pfizer. We'll talk about the charts in a moment. Let's talk about the vaccine news. What are the positives? Also what are the negatives and beyond the initial knee-jerk reaction? What else can we expect? So starting off with the top lines, a few things here to cover. First off the vaccine has a 94.5% efficacy in analysis of late-stage trials and that of course is better than 90% that we saw from Pfizer. In particular as well in terms of the storage temperatures that's what's actually one of the main criticisms that we heard of Pfizer was the fact that it needs ultra-cool temperatures whereas with this case with Moderna it's a little bit different. So the details here is that the vaccine candidate is expected to remain stable at standard fridge temperatures. So 2 to 8 degrees Celsius for a period of one month or 30 days. Shipping long-term storage conditions at standard freezer temperatures of minus 20 degrees Celsius can be for up to six months. So again addressing one of the main points that was a concern with Pfizer about is deployment which would have caused a lot of logistical and distribution problems and also the efficacy rate is even higher than Pfizer. Now that has caused then a reaction very similar to what we saw initially with Pfizer last time. So gold just dropped immediately on the back of the headlines as they come out with some fluctuations as well going the dollar. But if you look at these two asset classes here I've got on the screen just sharing at the moment. You've got the US 10-year on the bottom your gold futures at the top and both moving in the same way. So this is kind of that reflation trade almost in that a vaccine being implemented with success in a timely fashion would create then a renewed economic growth narrative and therefore gold lower yields higher and then equities originally rallied and as you can see here the same sort of players we had before the losses more more evident in the Nasdaq 100 which has come all the way back down from the push high we saw in the overnight session all the way back down to now trading slightly negative in the futures head of the cash open a bit later in the States. So again that kind of rotation out of tech in the pandemic names and so on. So we've already seen the likes of Carnival, the likes of Rolls Royce all these kind of relatable stocks that would be a benefit in a COVID free world making some initial gains. Moderna shares themselves up around 12% Pfizer conversely down about 1% or 2% on the back of this. However it is not all absolute plain sailing and I did a tweet if you haven't caught it but this is my kind of takeaway on the positive side as I've just discussed the efficacy the refrigerator temperatures which means transportation logistics is easier and there's been no significant safety concerns at all there's been the usual things that you would anticipate which are quite common things like aching muscles these types of things but nothing that would draw a major concern. On the flip side though the Moderna vaccine is based similar to Pfizer on the mRNA technology which is relatively experimental still and is quite different then that sets these two unique from some of the other phase three trials ongoing at the moment. The costs are still relatively high I think remember reading in the FT not so long ago the cost for a vaccine from Moderna around 50 to 60 dollar range it was even double that not so long ago several months they were looking for more and that would be way more expensive than say the slower earlier stage trialing that someone like Johnson and Johnson have been doing which is more like ten bucks for example. One of the other things was quite interesting listening to their CEO talking as upbeat as they may have been is that the mission that large-scale manufacturing is going to take some time to build out given that they're not such a matured company as the likes of a Pfizer and a J&J and so on and so forth so there's a couple of things here to be aware of ultimately obviously a positive and markets have reflected that but perhaps a little bit of rational analysis warranted here to see whether or not that this is in fact you know the magic formula that says COVID-19 is is done and dusted I think not there's still a long way to go. Undoubtedly though for the US session as it unfolds interesting thing here will be if we see any fade of these initial moves the NASDAQs already bounce and the S&P is already coming off its initial blip higher that we saw. Gold also is reversing after finding some support around its S2 and has bounced almost $15 from those initial lows so when the US come in be interested to see their interpretation as what we saw at Pfizer normally there's more commentary that comes out but again markets tend to overreact behaviorally in the first instance this is very positive news on the surface underlying this though is still not a magic single kind of panacea to COVID problems in fact COVID-19 as discussed this morning is still rampant in America without really real tangible measures being taken on a more broader basis at this point in time so yeah that's my initial take obviously probably more things to update by the time I do the briefing tomorrow but hopefully that makes sense of it for the time being. Okay guys enjoy the rest of your day