Pfizer's extraordinary results on developing a vaccine for Covid-19 has injected a new factor into the investment climate, even as many countries around the world continue to wrestle with a new and powerful spread of the virus. In the US equity market, a rotation, which may have been underway previously, gained ground. It can be illustrated by the fact that the FAANG-driven NASDAQ trailed the other major benchmarks, including the Russell 2000. European and Japanese equities extended rallies and outperformed the US handily. Investors had previously discounted negative interest rates in the UK and New Zealand but no ... (full story)