Brazil signs letter of intent to purchase five COVID vaccines - Yahoo Finance
Nov 22, 2020 2 mins, 31 secs
BRASILIA, Nov 22 (Reuters) - Brazil's health ministry said on Sunday it will sign non-binding letters of intent to purchase coronavirus vaccines from four companies and Russia's sovereign wealth fund, adding that any purchase will depend on the approval of the nation's regulators.

Josh Brown -- CNBC contributor, CEO of Ritholtz Wealth Management and author of the new book "How I Invest My Money" -- joined Benzinga's PreMarket Prep show Friday.Brown discussed his outlook for stocks in the coming months and potential economic recovery plays in anticipation of coronavirus vaccines hitting the market.Brown's Economic Recovery Plays: Brown said he is bullish on stock prices between now and year's end, predicting a melt-up in the S&P 500 in coming weeks."I hate saying it out loud because if it doesn't happen ...

But I'm starting to think that way," he said.Brown owns reopening stocks like Starbucks Corporation (NASDAQ: SBUX) and Simon Property Group Inc (NYSE: SPG)."I'm in some companies that really need there to be a reopening to get back to their 2019 numbers, and it might take them two years to do it," Brown said.For now, Brown said he's positioning in anticipation of how people will feel when they start hearing about friends and family members getting the coronavirus vaccine in coming months.Gap Growth Story: Brown is bullish on another economic recovery stock, Gap Inc (NYSE: GPS)."Years and years and years and years with no progress, no momentum.

He acknowledge taking a loss on Slack Technologies Inc (NYSE: WORK) earlier this year."I think one of the things I didn't count on was how much pressure Microsoft was going to be putting on Slack, almost as though they timed that pressure for the company's IPO," Brown said.Slack's choice to go public via a direct listing meant that, unlike companies that list traditionally, Slack was immediately exposed to insider selling pressure -- and did not have the support of big bank IPO underwriters like Goldman Sachs (NYSE: GS) and Morgan Stanley (NYSE: MS), he said.

defined-benefit pension plans and some big investors like Norges Bank, which manages Norway’s sovereign wealth fund, and the Japanese government pension plan GPIF, the strategists said.“We see some vulnerability in equity markets in the near term from balanced mutual funds, a $7 trillion universe, having to sell around $160 billion of equities globally to revert to their target 60:40 allocation either by the end of November or by the end of December at the latest,” the strategists wrote.If the stock market rallies into December, there could be an additional $150 billion of equity selling into the end of the month pension funds that tend to rebalance on a quarterly basis, they added.Read more: The 60/40 Portfolio Is Muzzling Critics With Another Big YearAn MSCI gauge of global stocks reached a record on Nov.


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