PFIZER and BioNTech announced that their Covid-19 vaccine has proven to be around 95 per cent effective with no serious side effects. The vaccine appears to work consistently well in both young adults and elderly people. The firms are planning secure emergency authorisations in the United States and Europe.

Last week, Moderna announced another potentially effective vaccine which lifted the stocks market in the US. Last Monday, Dow futures gained 455 points (+1.55 per cent), reaching a high of 29,998. S&P 500 futures advanced 41 points (+1.14 per cent), with a day high of 3,637.

Despite positive developments, stock markets did not seem immune to corrections on Nov 18.