GLOBAL MARKETS: Markets crunch time
Optimism that vaccines are on the way to end the coronavirus pandemic has been a major factor in this year’s US stock resurgence
Optimism that vaccines are on the way to end the coronavirus pandemic has been a major factor in this year’s US stock resurgence. That will face a critical test in coming weeks, as investors await clinical data on whether they actually work. A UBS analysis found that about 40% of the market’s gains since May can be pegged to hopes for vaccines to protect against Covid-19.
Nikola loses its head
Nikola founder Trevor Milton stepped down this week as executive chair following allegations that the electric truck maker’s business was an "intricate fraud".
Milton’s decision followed a tumultuous 10-day period that saw Nikola’s shares halve, after a report from short seller Hindenburg Research claimed to have "extensive evidence" that Nikola’s proprietary technology was purchased from another company.
Board member Stephen Girsky has been named chair.
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