International markets rallied on news that Pfizer was developing a Covid-19 vaccine in collaboration with German BionTech was 90% effective in combating the virus.

The S&P futures rose 3%, the Dow futures recorded an increase of 1,400 points at the opening, while the US dollar had a slight fall, with the euro/dollar exchange rate approaching 1.1. Commodity prices, such as oil, are also rising.

Pfizer’s people talk about “a great day for science and humanity” and said that they would apply for approval of the use of the vaccine by the end of November.

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