So is this the big turning point? Markets certainly seem to think so. No sooner had news broken that the vaccine being developed by Pfizer and German firm BioNTech is 90 per cent effective, the FTSE surged by 5 per cent. Given that the US Food and Drug Administration (FDA) has suggested that any vaccine that proves to be more than 50 per cent effective could be licensed, this suggests the vaccine will go on to be approved around the world.