Financial markets were calmer Tuesday but sizeable gains continued for some stocks and oil prices on hopes for a coronavirus vaccine.

"Yesterday's market surge was arguably a knee-jerk reaction to the potential game-changing (vaccine) news with more consideration paid to the potential rewards than the risks," noted Russ Mould, investment director at AJ Bell.

Asian markets rallied Tuesday on news that a vaccine candidate had been 90 percent effective in treating patients, fuelling hopes it could begin to be rolled out this year and bring an end to a pandemic that has battered the world economy.

Joe Biden will inherit a mangled U.S. economy — one that never fully healed from the coronavirus and could suffer again as new infections are climbing.

The once robust recovery has shown signs of gasping after federal aid lapsed. Ten million remain jobless and more layoffs are becoming permanent. The Federal Reserve says factory output dropped.

Stocks, oil and high-yielding currencies rallied Monday after Joe Biden was declared winner of the US election at the weekend, lifting a major source of uncertainty, while traders are hoping lawmakers will now focus on passing a new stimulus for the world's biggest economy.

The son-in-law of Turkish President Recep Tayyip Erdogan resigned on Sunday as finance minister, citing health reasons in a statement on his verified Instagram account.

Moody's rating agency has upgraded Greece's long-term debt rating, citing growth prospects for next year as well as progress in tax compliance, strengthening institutions and fighting corruption. 

Turkey fired the governor of its central bank and replaced him with a former finance minister, according to a presidential decree published Saturday in the official gazette, after the Turkish lira reached record lows.

From the U.S. presidential election to the state of the economy, on paper this week did not go well for Wall Street, and yet stock indices climbed ever higher.

Stock markets rallied Thursday and the dollar slid against the euro and pound as U.S. election uncertainty reigned ahead of a key Federal Reserve update.

Syrian President Bashar Assad has said much of his country's current economic distress is a direct result of the banking crisis in neighboring Lebanon, where many Syrian businessmen have traditionally kept their money.

Assad said that between $20 billion and $42 billion held by Syrians are estimated to be tied up in Lebanese banks. He spoke during a tour of a trade fair in Damascus with his wife.