Stock markets rallied Wednesday on fresh hopes for a U.S. economic stimulus deal and a Brexit trade deal, with sentiment additionally boosted by Covid-19 vaccine rollouts.

The European Union on Tuesday unveiled tough draft rules targeting tech giants like Google, Amazon and Facebook, whose power Brussels sees as a threat to competition and even democracy.

Saudi Arabia projected its 2020 budget deficit will soar to around $79 billion, the finance ministry said Tuesday, as the world's top crude exporter reels from a coronavirus-led economic downturn.

The U.S. Federal Reserve on Tuesday joined other central banks in a global group aimed at fighting climate change and addressing environmental risk to the financial system.

Spanish textile titan Inditex, owner of global fashion retailer Zara, posted Tuesday a higher than expected net profit in its third quarter as sales recovered from the disruption caused by the pandemic.

The group, which also owns the Bershka and Massimo Dutti brands, recorded a net profit of 866 million euros ($1.05 billion) in the three months from August to October, a 26 percent drop from the same time last year.

The International Energy Agency (IEA) trimmed its global oil demand forecasts Tuesday as the massive coronavirus pandemic hit to the aviation industry will likely be worse than expected next year.

The World Health Organization announced Monday it is teaming up with global youth groups, with some 250 million members, to create programs to help young people deal with the disruptions caused by the pandemic.

Draft EU rules to be unveiled Tuesday would see tech giants face huge fines or banned from the market for breaches, sources said, posing a major challenge to the likes of Google and Facebook. 

European and U.S. stock markets gained ground Monday, buoyed by Covid-19 vaccine optimism, expectations of fiscal support from Washington and hopes of a last-minute Brexit deal.

Sterling rallied Monday after Britain and the European Union agreed to extend talks on a post-Brexit trade deal past a self-imposed deadline, while Asian markets were mixed as surging coronavirus infections tempered vaccine optimism.

Prime Minister Boris Johnson and EU chief Ursula von der Leyen said after a crisis call that they would "go the extra mile" to find common ground in long-running talks.