World markets surge on promising Covid-19 vaccine and EU deal

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FTSE 100 remained flat on a weak dollar and fears of a double spike after lockdown

The euro hit an 18-month high and stock markets gained ground after the EU agreed a €750bn pandemic recovery fund, in a deal struck hot on the heels of reports that a coronavirus vaccine could be ready within months.

After more than four days of tortuous negotiation, the EU’s 27 leaders resolved to issue debt jointly, with the proceeds to be disbursed to countries wrestling with an economic downturn not seen since the Great Depression.

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