Oliver Mangan: Waiting for vaccines is now the hardest part for economy and markets         

As noted by the ECB last week, and reflected in data for recent months, containment measures are mainly hitting the services sector of economies. 

It is likely to take until the second half of the year before vaccines become widely available.

Markets have been very much in consolidation mode in recent weeks despite the sharp rise in the number of new coronavirus cases and Covid-19-related deaths in the past month. 

There have been new lockdowns and other restrictions imposed in many countries, and — although the rollout is obviously very welcome — it is likely to take until the second half of the year before vaccines become widely available.