FirstFT: Today’s top stories | Financial Times

US stocks rallied strongly on Tuesday as big tech names such as Tesla and Apple roared higher after a sell-off the previous day.

The technology-heavy Nasdaq Composite gained 3.7 per cent, a day after the benchmark slumped into correction territory. Tuesday’s rise was the index’s best one-day performance since November.

Wall Street’s benchmark S&P 500 rose 1.4 per cent, giving the blue-chip index its second gain in six sessions.

Some analysts said the big move higher on Tuesday was propelled by so-called short covering, when investors who have bet on a stock falling need to purchase shares to close their trades. Citigroup analysts warned that such a shift could prove fleeting, which “could cap the size of the move”. (FT)

Coronavirus digest

• A string of tycoons, politicians and royalty have descended in recent months on the United Arab Emirates to secure early access to coronavirus vaccines.

• Mexico will heavily rely on Chinese-made Covid-19 vaccines as the government doubled its order of the Sinovac therapy to 20m doses and lined up 12m doses of the Sinopharm vaccine if it is given the green light by regulatory authorities.

• EU-UK tensions over coronavirus vaccines exploded in an angry public row when London denounced Brussels’ claims that it had imposed an export ban.

• Joe Biden’s $1.9tn US stimulus programme will boost the economic recovery from the coronavirus pandemic around the world, the OECD said on Tuesday.

• The pace of coronavirus vaccinations has accelerated, as the worldwide total hits more than 310m doses, the Financial Times’ tracker shows. With the US’ patchy rollout, start-ups are helping Americans find a shot. (FT, NYT)

Follow our Covid-19 live blog and vaccine tracker.

In the news

Microsoft hack escalates as criminal groups rush to exploit flaws What began as a clandestine Chinese espionage campaign targeting “specific individuals” via flaws in Microsoft email software has escalated into a devastating global hacking free-for-all that is claiming tens of thousands of business and public-sector victims. (FT)

Gupta metals businesses miss UK tax payments Sanjeev Gupta’s metals plants have missed payments to the UK tax authorities, as concerns mount over his industrial empire following the collapse of its main funder, Greensill Capital. (FT)

China and US in talks for meeting in Alaska Beijing’s most senior envoys, Yang Jiechi and Wang Yi, are in discussions with Washington officials about a potential face-to-face meeting in Alaska with their American counterparts. Separately, Joe Biden will participate in Friday’s meeting of Japanese, Indian and Australian leaders, with Biden focused on countering China’s strength in the region. (SCMP, AP)

India’s new internet law hits first legal challenge The Foundation for Independent Journalism will argue before the High Court of Delhi that the rules are an “over-reach” that give prime minister Narendra Modi’s government power to “virtually dictate content”. The non-profit organisation publishes a digital news website called The Wire. (FT)

HK-listed groups lag behind global peers on women directors Women hold just 14 per cent of board seats at big companies in Hong Kong compared with 36 per cent in London. The Asian financial hub also has as many white male directors on the boards of its biggest listed groups as women directors of all backgrounds. (FT)

Myanmar crackdown forces businesses to make stark choice Business groups with links to the military junta in Myanmar are bearing the brunt of a consumer and employee boycott that is forcing foreign and local enterprises to take sides in the country’s political crisis. (FT)

China M&A surges on Covid recovery Dealmaking within China is running at a record pace, with the value of domestic mergers and acquisitions this year totalling $77.5bn — the busiest-ever start to a year and almost three times the level in the same period of 2020, Refinitiv data show. (FT)

Jury selection begins for officer charged in Floyd killing Jury selection began on Tuesday in the trial of Derek Chauvin, the police officer accused of killing Minneapolis resident George Floyd, whose death set off sweeping protests against racial injustice in the US and around the world. (FT)

The day ahead

Coupang to announce final IPO pricing The ecommerce company expects to soar past a $50bn valuation when its IPO pricing is finalised on Wednesday. (FT)

Theranos founder trial begins Elizabeth Holmes of the now-defunct finger prick blood test company, will be tried on allegations she defrauded investors beginning on Wednesday, after proceedings were initially postponed because of the pandemic. (CNBC)

US House to vote on stimulus package Lawmakers in the House of Representatives are expected to pass the Biden administration’s $1.9tn Covid-19 relief bill on Wednesday, setting up the president to sign the bill into law later this week. (Reuters)

What else we’re reading

Humanity is a cuckoo in the planetary nest We have had dramatic success in increasing our wealth and numbers, writes Martin Wolf. But as extinction rates increase, there’s no doubt our activities are reshaping life on earth. If we wish to reverse these threats, what must we do and give up? (FT)

Oprah shows broadcast TV can still make a splash Oprah Winfrey this week pulled off a feat rarely seen in the entertainment business during the streaming era: persuading millions of people to watch a programme live on television. It was one of the most-watched news interviews of recent years, but still fell far short of viewership recorded three decades ago. (FT)

• Buckingham Palace on Tuesday made its first statement regarding the interview, saying the allegations of racism made by Prince Harry and Meghan were “concerning” and would be addressed privately. (AP)

South Korean’s r/WallStreetBets Parked on Eunhaengro, known as “bank street” — home to South Korea’s two main state banks, is a bright yellow bus emblazoned with “I hate short selling!” in block letters. An advocacy group representing retail investors, The Korean Stockholders’ Alliance, is behind the attention-grabbing move. (Rest of World)

Rise of the retail army A few months ago, so-called retail traders were a quirky sideshow in US stocks, dabbling in markets to fend off the boredom of lockdowns. But 2021 has proved to be a breakthrough year for amateur traders, who have demonstrated an ability to move markets. Savvy investors want to plug the community into their own trading models. (FT)

Trade unions are back The pandemic has given reasons for trade unionists to be optimistic, reversing a trend that had seen union membership halve since 1985, writes Sarah O’Connor. The question is whether unions themselves are fit for the future. (FT)

Wanted: a long-term strategy for UK business The government has gone cold on the idea of an industrial strategy just at the point it needs it most, writes Helen Thomas. The phrase did not even get a mention in last week’s Budget. (FT)

Podcast of the day

Beyond GameStop: the day trader turned investor If 19-year-old Ross invested his money for a matter of years instead of minutes, would he get a better return? Claer Barrett, consumer editor (pictured below), discusses the question with FT columnist Merryn Somerset Webb and Damien Fahy, founder of investment website Money to the Masses. (FT)