European stock markets and oil prices rocketed on coronavirus vaccine hopes following successful trials.

Already up strongly on Joe Biden's US election win, markets massively accelerated gains after Pfizer and BioNTech said their vaccine was 90 percent effective in preventing Covid-19 infections.

London's benchmark FTSE 100 surged 5.5 percent in midday deals.

In the eurozone, Frankfurt jumped 6.0 percent, Paris soared 7.1 percent, Milan won 6.2 percent and Madrid 9.4 percent.

Dow Jones futures were up 5.4 percent ahead of the Wall Street open.

"Stock markets surged on some extremely positive news from Pfizer and Biontech," said Neil Wilson, chief market analyst at Markets.com.

"The Dow is now seen up 1,300 points (at the official open). Coming on top of the wave of relief from Joe Biden's victory, it's proving a spicy cocktail for stocks."

New York crude advanced 8.5 percent and Brent North Sea oil was up 7.8 percent.

The dollar was steady versus the euro and pound – and up more than one percent against the yen.

Shots of the vaccine, created jointly by Pfizer and BioNTech, could be available for use by the end of the year if drug authorities give it the green light. The analysis shows a much better performance than most experts had hoped for and brings into view a potential end to a pandemic that has killed more than a million people, battered economies and upended daily life worldwide.