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UBS AM sees ’emergency’ vaccine approval in fourth quarter, hot tech to cool

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LONDON: An emergency approval of one to three COVID-19 vaccines is likely in the coming months, UBS Asset Management predicted on Wednesday (Sep 23), a milestone that could finally end the surge of mega-cap US tech stocks.

The full approval of the vaccine that allows for broad inoculation is more likely during the middle of 2021, the asset management arm of the Swiss bank said.

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After the recent correction led by tech stocks, UBS AM said its hopes for a vaccine meant it was adding "exposure" to other sectors and regions that could benefit from a normalisation of the economic cycle.

"A vaccine announcement is likely to reinforce this trend (rotation to cyclicals) by increasing visibility into the earnings recovery outside of technologRead More – Source

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