Markets lifted by EU recovery deal and Covid-19 vaccine hopes – business live


Rolling coverage of the latest economic and financial news

7.28am BST

Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

Stock markets are pushing higher this morning after the EU agreed a landmark deal on a Covid-19 recovery fund.

This is a good deal, a strong deal, the right deal for Europeans now. I believe this will be seen as a pivotal moment on Europe’s journey.”

Related: EU leaders seal deal on spending and €750bn Covid-19 recovery plans

‘The recovery fund is meant to tackle the fallout of an unprecedented pandemic but the only instrument meant to support the health sector was scrapped entirely and Horizon Europe, designed to boost innovation, suffered severe cuts as well’.

Related: Oxford coronavirus vaccine triggers immune response, trial shows

After intensive research, Prof Sarah Gilbert, from Oxford’s Jenner Institute, said they were more than happy with the first results, which showed good immunity after a single dose of vaccine.

“We’re really pleased that it seems to be behaving just as we thought it would do. We have quite a lot of experience of using this technology to make other vaccines, so we knew what we expected to see, and that’s what we have seen,” she told the Guardian.

Tuesday’s Guardian: “Hopes of Covid vaccine rise after UK study hailed as breakthrough” (via @hendopolis) #TomorrowsPapersToday #BBCPapers

Tuesday’s Mirror: “Vaccine by Christmas” (via @hendopolis) #TomorrowsPapersToday #BBCPapers

Risk assets are moving to the vaccine pump’s beat after it was raining positive vaccine trials overnight, and investors are still dancing in that rain.

Ebullience around positive vaccine and the recent round of robust macro data continues to float markets in rough seas. The worsening outlook on the virus front continues to churn in the background. But the fear of the virus is less than it was, so the economic beat down is expected to be less this time around.

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