News of a breakthrough in the race to find a Covid-19 vaccine sparked one of the heaviest trading days since the height of the pandemic crisis, early data analysis by Reuters has shown, with nearly $2 trillion changing hands on Monday.

“Volumes [are] also surging as programmes and baskets go to work to either correct portfolio balances or address margin calls,” said Mark Taylor, sales trader at Mirabaud Securities, highlighting a jump in volumes in the airlines and banking sectors.

In the United States, nearly $500 billion worth of trades went through stock markets on Monday, one of the busiest days since March, when coronavirus lockdown fears rattled financial markets. Europe saw $120bn traded, according to Refinitiv data.