Looking back from September, a study by the Swiss bank UBS found that a quarter of the rebound in the stock market since May, when the publicly funded vaccine race began in earnest, was attributable to vaccine news.3 In November, on the news of the success of the Pfizer/BioNTech trials, oil prices and shares in airlines surged. Those in food delivery companies and tech slumped. Safe-haven assets in general sold off, led by Treasuries and tech stocks.4
