UBS On-Air: Market Moves

The key message from yesterday’s pontification of Federal Reserve speakers was “uncertainty”. Uncertainty about policy, uncertainty about how companies and consumers would react to that uncertainty, uncertainty about second-round effects from tariffs, and so on. The result is a wait-and-see approach from the Fed. The risk is that a reactive policy may come too late to correct any economic damage f...

Jason rejoins in-studio to weigh in on the recent rally in US equities, the rise in rates over the past month, along with recent developments surrounding US trade policy (notably relations with China), and what it all means for the market outlook? Plus, thoughts on the significance of Moody’s US credit rating downgrade, and guidance around portfolio positioning. Featured is Jason Draho, Head of As...

A credit rating agency (it does not matter which) downgraded the US from something to something else. US President Trump’s current policies are unlikely to place the US on a sustainable debt path. Influential donor Musk’s DOGE efforts are unlikely to reduce the deficit. Market reactions should be muted—there is little new information. Administration officials attempted to frame the decision in a p...

Tune in monthly to hear from UBS Asset Management’s multi-asset team for thoughts on the global macro environment, and markets. Featured are Evan Brown, Portfolio Manager, and Head of Multi-Asset Strategy, & Fatou Konteh, Investment Strategist, UBS Asset Management. Recorded on 05.06.2025

On this week’s episode of Viewpoints, Burkhard shares his thoughts on a recent flurry of global deal-diplomacy and market recovery. We also reflect on US-China trade progress (and its’ market impact), and weigh whether investors should still be concerned about the prospects for recession in the US.

On this week’s episode of Viewpoints, Burkhard reflects on the latest with respect to trade, tariffs, and the markets, along with previews what investors can expect in 2Q25, and considerations when it comes to positioning (after a market correction). Plus, thoughts on the current supply and demand relationship of oil.

The UBS AI Podcast explores the fascinating and evolving world of artificial intelligence, how it's transforming industries, redefining what's possible and reshaping the future. On this episode of the CEO Series, Ulrike Hoffmann-Burchardi, CIO for Global Equities within the UBS Chief Investment Office, converses with Lin Qiao, the CEO and Co-Founder of Fireworks.

Justin and Ainsley drop by the studio to explain the importance of funding a liquidity strategy, along with outline considerations when it comes to refilling and implementing a liquidity strategy and determining how much to ultimately set aside. Featured are Justin Waring, Senior Total Wealth Strategist, and Ainsley Carbone, Retirement Strategist, UBS Chief Investment Office. Host: Daniel Cassidy

Jonathan Pingle, Chief US Economist with UBS Investment Bank, joins the podcast to share his thoughts on the state of the US economy. We also touch on the evolution and impacts of US trade policy, along with the potential road ahead for monetary policy. Host: Daniel Cassidy - Recorded on 05.06.2025

US consumer price inflation did not show many trade tax consequences. The slowing of tourism-related prices might reflect how visitors are wary of entering the US, but complications in timing Easter’s effect are also relevant. Appliance price inflation is a concern (the fastest monthly increase since early 2022 may reflect firms anticipating trade taxes).

Investors are inclined to view US President Trump’s early retreat from trade taxes on imports from China as significant, not just for themselves but as a signal of a willingness to capitulate to other countries. Markets are not inclined to take Trump’s threats of future possible tax increases seriously.

Shane drops by on a Monday to preview a busy week ahead, accounting for President Trump’s highly anticipated Middle East visit. We also spend time recapping the outcome of this past weekend’s trade negotiations in Switzerland between the US and China, along with other notable progress made recently on the trade front. Plus, and update as to where progress on Capitol Hill stands with respect to tax...

Our conversation outlines the current landscape for fixed income investors and where to locate opportunity within the asset class. We also discuss the road ahead for monetary policy, the economy and the broader markets, against the backdrop of US trade policy uncertainty. Featured are Leslie Falconio, Head of Taxable Fixed Income Strategy Americas, UBS Chief Investment Office, and Jeffrey Sherman,...

Sino-US talks over the weekend were described by US Treasury Secretary Bessent as making “substantial progress” on trade. Presumably so important a comment was cleared by US President Trump. The only real issue investors care about is how far the US will retreat on trade taxes. Current tariffs effectively halt bilateral trade. An 80% tariff (suggested by Trump) would also effectively halt bilatera...

Zhang Zhang is the Head of AI and Risk Analytics at Polen Capital. Listen to a wide-ranging conversation about the evolution of AI, where AI is being under and over-hyped, words of caution to be mindful of, along with common current and anticipated future use cases of this rapidly evolving technology. Host: Daniel Cassidy

Yesterday’s Anglo-US trade framework was preceded by substantial media spin but ultimately revealed only minimal substance. US consumers are worse off than in January, though better off than a week ago. Some UK exporters get better conditions, some US exporters might get better conditions. Yesterday’s Bank of England’s rate cut was a more important economic event.

The first 100 days marker of President Trump’s second term has been reached - Kurt Reiman, Head of Fixed Income Americas (UBS CIO), reflects on the administration’s policy priorities and impacts they have had to the US economy, markets, and investment return. We then shift focus to the next 100 days, including a look the notable legislative ambitions being pursued by the White House and Congress....

Having just returned from an enlightening and productive trip to Riyadh, Saudi Arabia, Burkhard shares his reflections on the Saudi economy’s progression in recent years, and spotlights future growth potential. Plus, thoughts on the investment landscape and a preview of a big week ahead for Saudi Arabia with high profile visits spanning heads of state to global business leaders.

Federal Reserve Chair Powell pointed out that uncertainty had risen, and that inflation and unemployment might rise. These are all eloquent statements of the obvious. leaving the Fed reacting to data. Central banks that react rather than pre-empt data tend to be late in changing policy. Economic data is also increasingly less reliable, making data dependency more dangerous.

Paul stops by the studio for a Q2 update on the CEO Macro Briefing Book series - we discuss how uncertainty surrounding the macro environment and course for US trade policy has some investors openly questioning the sustainability of US exceptionalism. Featured is Paul Hsiao, Asset Allocation Strategist Americas, UBS Chief Investment Office. Host: Daniel Cassidy

India conducted military strikes against Pakistan, and Pakistan’s defense minister has pledged retaliation. Investors appear to be expecting a relatively contained situation. It is unlikely that global risk appetite will be affected by these events.

As US trade policy continues to evolve and uncertainty remains in the markets, Xingchen drops by the podcast to provide a performance update and outlook for Emerging Market equities. We also discuss the importance of portfolio diversification, and how conditions in 2025 have thus far reflected the importance of diversification. Featured is Xingchen Yu, Emerging Markets Strategist Americas, UBS Chi...

On this week’s episode of Viewpoints, Burkhard outlines the investment case for global markets to continue their climb higher and provides a performance update on some of CIO’s investment themes. We also cover considerations for investors when it comes to climate change-related investment risks, along with reflect on the potential impacts of Japan’s fiscal deficit to global markets.

The manufacturer of Barbie dolls has warned that higher prices are coming to US consumers, as a direct consequence of tariffs. Moving production to the US does not seem to be an option. Rationing dolls to two per child while raising prices has limited consequences, but US President Trump has signaled medicines will be next. Rationing medicines with higher prices may have more significant consequen...

Jason joins the podcast this week from Zurich as we discuss the drivers behind the recent upside momentum across US equities. Plus, we weigh the upside case for US growth staying even in the face of higher tariffs, reflect on Q1 corporate earnings, and outline the latest allocation recommendations from CIO. Featured is Jason Draho, Head of Asset Allocation Americas, UBS Chief Investment Office. Ho...