Markets boosted by Japan's 'Zoom Boom' recovery and vaccine hopes – business live

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Rolling coverage of the latest economic and financial news

7.46am GMT

Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.
After its best week since April, the UK stock market is beginning the new week on the front foot.

European equities have opened higher at the start of trading, as investors continue to grasp onto hopes of successful Covid-19 vaccine rollouts.

European Opening Calls:#FTSE 6369 +0.84%#DAX 13219 +1.09%#CAC 5449 +1.28%#AEX 605 +1.28%#MIB 21206 +1.44%#IBEX 7898 +1.47%#OMX 1913 +0.85%#STOXX 3472 +1.16%#IGOpeningCall

There is certainly elevated chatter that potential shutdowns in the US will weigh more in the near-term and maybe so, but investor sentiment is the most elevated since 2017 – two standard deviations of the mean of past 10 years [according to AAII].

“I’m very confident that transmission between people will be reduced by such a highly effective vaccine – maybe not 90% but maybe 50% – but we should not forget that even that could result in a dramatic reduction of the pandemic spread.”

Related: BioNTech vaccine scientist says jab could halve Covid transmission

Related: 6,000 UK volunteers to be injected with Covid vaccine in phase 3 trial

Markets will be on high alert for any further vaccine news, especially efficacy data from Moderna and AstraZeneca even if we don’t know the exact timings.

We could also hear that the Pfizer/BioNTech vaccine will get FDA emergency use approval later in the week.

Related: US sees record 184,000 new daily Covid cases as Trump politicises vaccine effort

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