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.

Not getting too excited, but wonderful to have some positive news. #vaccine #COVID19 Stock markets soar on Pfizer Covid vaccine news https://t.co/0zRnE5g8VZ via @BBCNews

— Everyone's Th Co (@EveryonesTheatr) November 9, 2020

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.