The Pfizer logo at their world headquarters in New York, the US. Picture: REUTERS/ANDREW KELLY
The Pfizer logo at their world headquarters in New York, the US. Picture: REUTERS/ANDREW KELLY

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.

Reuters

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.

Financial Times

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