What follows should be a formality once the advice deems the vaccine to be fit and has met all the necessary criterion.

FDA commissioner, Dr. Stephen Hahn, mentioned this week that “our team has done their initial analysis, and we do feel that preliminarily that the success criteria have been met”.

After the approval by the UK, it will be extremely controversial – in either a good or bad way – if the VRBPAC rejects the Pfizer vaccine. That would be a major blow to risk sentiment if it were to happen.

In any case, as much as the approval should already be priced in, just be mindful that the headlines could still give the market a mini-jolt and what not later today.

The meeting will take place at 1400 GMT with the committee vote to take place some time in the afternoon. Here is the full agenda.