Stock markets have jumped on hopes of a potential breakthrough in the search for a vaccine against Covid-19.

Drugs firm Pfizer said that preliminary analysis indicated that its coronavirus vaccine was 90% effective.

In response, the UK’s FTSE 100 share index jumped more than 4%, while European indexes were up more than 5%.

Travel firms – which have been hit hardest by the pandemic – saw the biggest gains, with British Airways owner IAG soaring 26%.

Drugmakers have been racing to be the first to develop a successful coronavirus vaccine.

If authorised, the number of doses will be limited initially. Many questions also remain, including how long the vaccine will provide protection.



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