New York (CNN Business) Global stocks and US futures surged on Monday after drugmaker Pfizer ( PFE ) said that an early look at data from its coronavirus vaccine shows it's more than 90% effective . The move higher comes after stocks ended Friday mostly unchangedThein London climbed 4.7%, while Germany'sjumped 5.4% and France'svaulted nearly 7% higher. The vaccine "looks like the game-changing panacea the oil market has been waiting for," chief global markets strategist at Axi, Stephen Innes said in a research note. Wall Street was already expecting a Biden victory as the election appeared to tip in the Democrat's favor throughout last week. Expectations that Biden will usher in a more diplomatic approach to US foreign policy boosted global stocks, with markets in Asia Pacific closing higher on Monday.

Source: CNN November 08, 2020 23:23 UTC