No-one likes a killjoy, but the road to a full recovery from coronavirus disruption will still be a long one, despite positive vaccine trial news this month. Announce- ments by Pfzer on 9 November and Moderna a week later that their vaccine tests showed success rates of 90pc or higher triggered a wave of optimism for a return to more normal economic activity and crude prices rose by nearly $5/bl. But widespread vaccine distribution is still unlikely before the middle of next year. A second, larger wave of infections and the reintroduction of strict containment measures, particularly in Europe, is the reality of the here and now.
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