UBS On-Air: Market Moves

Tune in at the start of the trading week ahead of the New York opening bell as Ulrike Hoffmann-Burchardi, CIO Americas and Head of Global Equities for UBS Wealth Management, briefs you on what’s the signal, and what’s just noise in the markets. Recorded on 22 February 2026.

US President Trump suggested that Iran had 10 or 15 days to do a deal, or face (unspecified) negative consequences. The US military presence in the Gulf means investors have given more weight to these remarks. Oil prices have moved higher—not dramatically, but enough that it might be visible to the US consumer in a few weeks. That has a bearing on inflation perception and the US affordability cris...

Our conversation outlines the current landscape for fixed income investors, and where to locate opportunity within the asset class. We also touch on the credit market, an outlook for monetary policy, rates and the macro environment. Featured are Scott DiMaggio, Head of Fixed Income with AllianceBernstein, and Leslie Falconio, Head of Taxable Fixed Income Strategy Americas with the UBS Chief Invest...

The Federal Reserve’s meeting minutes showcased a full range of opinion, with advocates of rate cuts, a long pause, and the possibility of rate increases. Were it not for the inability of the minutes to spell the word “labour” correctly, this level of disagreement would give the impression of a Bank of England rather than a Fed meeting. There was a consensus around stabilizing US labor markets. Ov...

On this episode of Viewpoints, Burkhard weighs whether we are entering into a new Emerging Markets super-cycle, and if a rise of Emerging Markets equates to a decline of US-exceptionalism.

The Financial Times reports ECB President Lagarde will leave office before their term ends—allowing a successor to be appointed before next year’s French presidential elections. This makes little difference to near-term policy—the ECB has adopted a stance of masterful inactivity. It might make a difference longer term. Lagarde’s successor could even be an economist (which would obviously be an exc...

It’s been an active few weeks in financial markets as investors grapple with the potential for AI to disrupt business models across industries, along with whether the U.S. economy really is “running hot”. We discuss this all, and review CIO’s current allocation recommendations. Featured is Jason Draho, Head of Asset Allocation Americas, UBS Chief Investment Office. Host: Daniel Cassidy

The UK January labor market data was not especially surprising. Bonus payments were slightly weaker than expected, one of the unemployment measures (the ILO) was a fraction higher, but payrolls were stronger than expected. The ongoing rise in real incomes should offer some support to consumer spending (it is shifting savings rates, rather than incomes, that have been the restraint on spending).

Tune in at the start of the trading week ahead of the New York opening bell as Ulrike Hoffmann-Burchardi, CIO Americas and Head of Global Equities for UBS Wealth Management, briefs you on what’s the signal, and what’s just noise in the markets. Recorded on 16 February 2026.

US January consumer price inflation data had several moderating influences. Used car prices (the curse of every economist) fell sharply. The fictitious owners’ equivalent rent (the largest component in the calculation) helped pull the headline numbers lower. However, grocery prices are still rising, as are electricity prices. They may shape perceptions of affordability.

US January consumer price data is due. The focus should be on the details more than the headline. The largest part of the consumer price calculation is a fictitious housing price that people don’t pay. Such prices have no influence over perceptions of the affordability crisis.

In this episode, we discuss the municipal bond market and its, so far, strong start to the year. Plus, a look at California munis and the impact from the Billionaire tax. We'll assess the market right now and how investors should be positioned. Featured are Sudip Mukherjee, Senior Fixed Income Strategist Americas, and Jeannine Lennon, Senior Municipal Strategist Americas. Host: Anthony Pastore

The January US employment report signaled sufficient strength to cool market expectations of an urgent US rate reduction. There is no evidence of political interference in the data. However, the data quality is questionable—survey response rates remain low, and the Bureau of Labor Statistics has lost staff. There was a surprise sharp increase in foreign-born US worker employment and a drop in US-b...

We get the delayed January US employment report and benchmark revisions for the past two years. For markets what is important is that economies respond to reality, not reported data. Whatever the employment reality was in 2025, it was consistent with a low fear of unemployment and US consumers willing to cut savings to pay for tariffs. Revising reported data to bring it closer to reality does not...

Gold prices have swung with rare intensity in recent days, surging to a record all-time high only to drop as much as 12% in a single session. Is the gold trade at a crossroads, or can the underlying bull market narrative resume? For insights on flows, drivers and how investors can position, join this special CIO Live with Michael Bolliger, CIO Switzerland, Wayne Gordon, CIO APAC Head of Investment...

Join Jeremy Zirin, Senior Portfolio Manager of the House View Equity Portfolios and Head of the Private Client US Equity Team with UBS Asset Management, as he shares a performance update for US equities. Host: Dominic Schagar, Senior Equity Investment Specialist. Recorded on 21.01.26

US President Trump’s social media accounts published an attack on Canada, threatening to block the opening of a US-Canada bridge (named after a Canadian hockey player), and suggesting a Canada-China trade deal would end the playing of ice hockey in Canada. This seems an unlikely outcome in the post-“Heated Rivalry” environment. Despite the tone of the statements, markets are likely to discount thi...

Tune in at the start of the trading week ahead of the New York opening bell as Ulrike Hoffmann-Burchardi, CIO Americas and Head of Global Equities for UBS Wealth Management, briefs you on what’s the signal, and what’s just noise in the markets. Recorded on 8 February 2026.

Japan's governing LDP looks to have won a two-thirds majority in the lower house, which means the upper house cannot stop legislation. The next focus is the budget and how a proposed consumption tax cut on food will be financed. Equities have reacted positively, bonds are likely to be somewhat cautious.

The volatility of some financial markets produces stirring financial media headlines. However, most major equity markets (other than the US) are up on the year. Precious metal volatility (up and down) has been too abrupt to generate major wealth effects. Crypto is not an asset, and is held by a tiny portion of society. It is unlikely that consumer behavior will change because of recent market move...

The technology sector of the equity market might be experiencing a dilemma. If artificial intelligence is disruptive, will it disrupt technology companies? If it is not disruptive, are technology companies overvalued? The drop in technology share prices suggests that there has not been a bubble—the adjustment is relatively focused, and there has been little borrowing behind this. This mutes the ec...

US President Trump signed a bill ending the government shutdown. The failure of the US government to function properly is so commonplace that markets barely registered it. Democrats have signaled a united opposition to confirming former Federal Reserve Governor Warsh as the next Fed chair, until the administration’s legal pursuit of the Fed is ended. This was expected, but raises the prospect of C...

Sustainable investing is entering a new era, one where outcomes, resilience, and real-world impact sit at the center of portfolio construction. From equities to fixed income to alternatives, 2026 brings both structural challenges and compelling opportunities. Tiffany Agard and Andrew Lee, from the CIO Sustainable & Impact Investing team, share how investors can navigate these themes, where fun...

Tune in to hear from top portfolio managers and business heads from UBS Asset Management’s Muni, Taxable Fixed Income and Liquidity teams, as they share their views on markets and what they believe you should be focused on within the fixed income space.

US President Trump’s social media post suggests a deal has been done with India to reduce the tariffs paid by US importers (from 35% to 18%, with special tariffs relating to Russian oil purchases set to zero). The move will have little effect on the US affordability crisis—Indian imports are less than 3% of the US total. While tariff increases are readily passed to consumers, tariff reductions (st...