Although we see a broad rally today we see travel and small cap companies outperforming. Johnson & Johnson's COVID-19 vaccine was authorized for use in the US over the weekend. It is the third approved drug in the US, following the vaccines from Pfizer/BioNTech and Moderna. However, while the earlier two vaccines required two doses, the drug from J&J is a single-dose application. Vaccinations could start in the US as early as tomorrow. It will dramatically speed up the number of Americans vaccinated in the coming weeks, bringing the full reopening of the economy nearer. Meanwhile data from the UK show that the rapid vaccine rollout is starting to have an impact. As the elderly were the first to be vaccinated, starting Dec. 8, it’s noticeable that COVID-19 related deaths are falling fastest in those age groups. The UK and other European countries started to reopen their economies with now more and more German senior officials, such as Finance Minister Olaf Scholz, to call for a quicker reopening of Europe’s largest economy increasing pressure on German chancellor Angela Merkel to ease Germany’s coronavirus curbs. Germany's largest airline rose more than 3% today, sees some profit taking, but will soon find support (€12.50 - €12.65) and rise further towards €13.