LONDON: Global stock markets rose on Tuesday on promising results from two clinical coronavirus vaccine trials, and after EU leaders finally clinched a landmark 750-billion-euro ($860bn) stimulus deal.

`A combination of vaccine optimism and fiscal stimulus is boosting the mood,` City Index analyst Fiona Cincotta said.

`Encouraging results ... in addition to EU leaders agreeing to a 750-billion-euro recovery fund, is overshadowing rising tension between the UK and China and soaring Covid-19 numbers in California.

The clinical studies provided a much-needed shot in the arm for investors, who have been put on edge by spikes in new infections around the world, causing a months-long surge across equities to stumble.

But two studies published in The L ancet medical journal sparked some cheer, with a trial among more than 1,000 adults in Britain finding a candidate vaccine induced `strong antibody and T cell immune responses` against the coronavirus.

That came as another trial of more than 500 people in China showed most had developed a widespread antibody immune response.

Meanwhile, British biotech firm Synairgen said a randomised trial of an aerosol-based treatment showed it could drastically reduce the number of new patients dying of the disease or requiring intensive care.

The European Union finally reached a stimulus agreement after four days of haggling.

`Deal!` tweeted EU Council Chief Charles Michel, whose job was to guide the talks over more than 90 hours.-AFP