Hello and thanks for joining part two of this special edition of Thoughts

of the Market. I'm Andrew Sheets, chief cross-asset

strategist for Morgan Stanley. Today I'll be continuing my

conversation with Matthew Harrison discussing the various vaccines

under development to address COVID-19 at the potential implications for the market in the year

ahead.

It's Friday, July 24th at 2 p.m. in London.

So, Matt, so far, I think this conversation has been a little bit downbeat.

You see a worse progression of the virus than we did several months ago. You see more places with

exponential growth. We're seeing more counties with high levels of growth and

community spread. So maybe let me focus a little bit on what seemed like a nugget of good news is that we're starting to get some updates on some of the vaccines and other therapies to treat COVID-19 and some of that has been encouraging and so maybe help us understand what are the various trials

that you're watching.

And what do you think we learned this month

about how those are going?

We've had three sets of phase one data from leading vaccines that are likely the first to start phase three studies in the US.

Those initial vaccines have all demonstrated that they can produce neutralizing antibodies.

So this is an antibody that can kill the virus when it enters your body.

They've all produced levels of those neutralizing antibodies

that are at or above the rate

that people who have recovered from the virus produced.

So that's, I think, been quite good news

to say that the initial data has been encouraging from these vaccines

...