Pedestrians wearing protective masks walk past Pfizer Inc. headquarters on July 22, 2020 in New York City. Pfizer and German biotechnology firm BioNTech have agreed to supply the U.S. government with 100 million doses of coronavirus vaccine under a $1.95 billion deal.
Jeenah Moon | | Getty Images
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News of a promising coronavirus vaccine by Pfizer and BioNTech appear to be a “major breakthrough” and could boost major markets like Australia and the U.K., according to Citi Research.
Global markets surged on Monday after U.S. pharmaceutical giant Pfizer and German biotech firm BioNTech announced their coronavirus vaccine was more than 90% effective in preventing Covid-19 – beating scientists’ hopes for a vaccine that is at least 75% effective.
U.S. stocks hit record highs while European markets closed 4% higher on Monday, and Citi says the rally will drive up sectors likely to benefit from the new vaccine.