The Dow hits a fresh record high after U.S. pharmaceutical company Moderna says its vaccine is 94 per cent effective. Travel shares react to the upside, while lockdown stocks such as Zoom and Netflix trade lower. President-elect Joe Biden urges a smooth transition of power to help contain the Coronavirus impact across the United States. In Brussels, Hungary and Poland veto the EU’s virus recovery budget over a clause tying funds to the bloc’s rule of law. In banking news, Spanish banks BBVA and Banco Sabadell confirm tie-up talks which would create the country’s second-largest lender with almost €500bn in assets.

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