UBS On-Air: Market Moves

UK first quarter GDP was stronger than expected, led by the consumer. As elsewhere, consumers have reduced savings rates to afford higher oil prices. UK consumers can also adjust oil demand via flexible working and online retail. Politics is overshadowing economics, with a possible challenge to Prime Minister Starmer. Former deputy Labour leader Rayner was cleared of tax wrongdoing, increasing the chances of a challenge. However, any change of leadership is not likely to substantially change fiscal policy.

John Popp, Global Head and CIO, David Mechlin, Head of Liquid Credit, and Eileen Liu, Head of US Client Portfolio Management, discuss recent market developments within broadly syndicated loans, high yield bonds, and CLOs. Recorded on 04.22.2026

US April consumer price inflation was slightly higher than expected—but with of the data being guesswork, and rising fictitious owner’s equivalent rent, it is unwise to overemphasize that. The details do raise political concerns. Since US President Trump took office, coffee prices have risen 24%, beef over 19%, gasoline over 19%, and vegetables 10.5%. These are price increases that consumers notice and remember. Trump claimed not to think about Americans’ financial situation, but markets are betting the president does care (and policy decisions will reflect that).

Paul Hsiao, Senior Asset Allocation Strategist Americas from the UBS Chief Investment Office, drops by to share highlights from the latest CEO Macro Briefing Book - Paul covers how the landscape for dealmaking and economic environment have evolved in recent months, touches on how business owners should think about the upcoming U.S. midterm elections, along with the road ahead for monetary policy. Plus, an assessment of how artificial intelligence in shaping and impacting economic activity. Host: Daniel Cassidy

Brian Mulberry serves as Chief Market Strategist a Zacks Investment Management. Brian shares his thoughts on a range of factors top of mind for investors and that are influencing market momentum, including geopolitics, energy prices, Fed monetary policy, Q1 earnings results, and more. Plus, Brian shares his views on equity positioning, and the resilience we’ve seen in equity markets. Host: Daniel Cassidy

In 1972, US President Nixon focused on the electoral risks of rising hamburger meat prices, ultimately imposing government control of wages and prices. Yesterday, US President Trump signaled concern about today’s US affordability crisis, signing executive orders attempting to lower beef prices (up over 16% since January 2025). Trump also urged temporarily ending the federal gasoline tax—that would increase fiscal borrowing, but only offset a small part of recent price increases.

As we’re approaching the two-thirds point of the decade, Jason’s starting to think about the finance word of the 2020s - Resilient or Roaring. Plus, reflections on the positive equity market momentum, the health of the U.S. economy, and a review of CIO’s key messages around portfolio positioning. Featured is Jason Draho, Head of Asset Allocation Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Last week’s Axios newswire report that Iran and the US were “moving towards” a deal have (again) proved to be less than accurate. US President Trump declared Iran’s response to US peace overtures to be “TOTALLY UNACCEPTABLE”. The basic problem for markets remains—reopening the Strait of Hormuz depends on Iran, there is little information about the Iranian government’s position, and information from other sources (including the US) cannot be considered reliable.

After a decade of mega cap dominance reinforced by passive investing, individual stock moves are now much larger than the index and correlations have dropped to near their lowest since 2018. We discuss why it’s now time for active investing versus the passive investing that has dominated the prior decade, and how our transformational innovation opportunities like AI, power and resources, and longevity, provide an opportunity to capture returns above and beyond the indices. Tune in at the start of the trading week for this regular market outlook from Ulrike Hoffmann-Burchardi, Chief Investment Officer Americas and Global Head of Equities. Recorded on 10 May 2026.

After leaving a job, there are options for managing the assets in a former employer's retirement plan. In this episode, we outline those options, including rolling the assets into another retirement plan or an individual retirement account (IRA). Featured are Justin Waring, Head UBS Wealth Way Strategy & Solutions, and Ainsley Carbone, Retirement Strategist with the UBS Chief Investment Office Global Investment Management team. Host: Daniel Cassidy

Andrew Dubinsky, Senior US Economist, joins to highlight his new monthly report US macro: FAQs to forecasts - 10 frequently asked questions as it relates to the US economy. This month we discuss where AI effects are showing up in labor data, the status of the One Big Beautiful Bill Act tax cuts, and what the Fed is watching for that could set up further rate cuts. Host: Daniel Cassidy

Iran launched attacks against US naval vessels, and the United Arab Emirates. The US launched airstrikes against Iran. The Washington Post reports the US CIA believes Iran’s government can avoid additional economic hardship for several months, and that Iran still holds substantial stocks of missiles and launchers. This suggests less pressure on Iran to do a deal with the US—implying the US must compromise further, or the Strait of Hormuz will be closed longer than markets expect.

On this episode of Viewpoints, Burkhard reflects on the US-China relationship ahead of next week’s summit in Beijing, the Strait of Hormuz closure and its impact to global energy prices, and what this all means for broader global markets and investor sentiment.

Emerging market equities have come a long way, evolving from commodity-driven high-beta plays to a dynamic mix of tech, AI, and regional growth stories. In this episode, we break down what’s powering EM returns today, the rise of North Asia’s tech giants, the shifting role of commodities, and why diversification matters more than ever. We also spotlight the key catalysts to watch in the months ahead: the Iran peace deal, US-China diplomacy, hyperscaler spending, China’s growth outlook, and pivotal EM elections. Featured is Xingchen Yu, Emerging Markets Strategist Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Axios newswires reported the US and Iran “closing in on a deal”. Axios published similar reports on 15 April, 17 April, and 26 April. Markets want to believe, and blind faith drives pricing at the moment. The shape of the current war is largely in Iran’s hands. Investors have few insights into Iranian policy making.

For decades, emerging markets have been seen as the riskier part of portfolios. We discuss what has changed, and why markets are suddenly challenging that assumption now. Plus, we highlight how investors should consider using emerging market equities, bonds, and currencies in portfolios going forward. Featured is Alejo Czerwonko, Chief Investment Officer for Emerging Markets Americas, UBS Chief Investment Office. Host: Bryan Contreras

Elaine Zaharis-Nikas serves as Head of Fixed Income and Preferred Securities and a senior portfolio manager for the Cohen & Steers preferred securities portfolios. Elaine joins Frank Sileo, Senior Fixed Income Strategist Americas from the UBS Chief Investment Office, for a comprehensive discussion on the preferred securities market. They cover a performance update and outlook, risk considerations, positioning views, and more.

US policy in the Gulf war has been unpredictable, but publicly unpredictable. Yesterday’s retreat from“guiding”ships through the Strait of Hormuz was a public decision. The pressures of rising gasoline prices in the US economy are publicly visible. However, investors also need to know Iranian policy, which is privately unpredictable. The forces pressuring the Iranian government are difficult to determine.

Sudip Mukherjee, Senior Fixed Income Strategist Americas from the UBS Chief Investment Office, is joined by Pat Haskell, Head of the Municipal Bond Group within the Portfolio Management Group at BlackRock, for a wide-ranging conversation on the state of the municipal bond market. They cover a performance update and outlook, share views on muni credit, and discuss the growth in SMAs and ETFs in the muni market.

AI-related investment in the US is booming, the rest of private sector investment not so much. Still, it's a positive for the macro outlook. We discuss this, the factors driving recent market activity, along with positioning guidance from CIO. Featured is Jason Draho, Head of Asset Allocation Americas, UBS Chief Investment Office. Host: Bryan Contreras

Markets have had a muted reaction to reports of the US and Iran exchanging fire in the Gulf. Investors had tended to dismiss US President Trump’s weekend optimism and focused instead on comments from Iran, so an escalation was not unexpected. Prices are still not at levels that would bring supply and demand into balance (once reserves are exhausted), and various politicians globally talking of subsiding retail oil prices will make things worse.

We explore a topic that’s been gaining momentum, especially among working families: Financial Independence, Retire Early, or FIRE. Justin Waring from the UBS Chief Investment Office Global Investment Management team, joins to explain what the FIRE movement is, and why it’s resonating right now. Host: Daniel Cassidy

US President Trump posted on social media that the US will “guide” commercial shipping through the Strait of Hormuz. Media reports suggest this will not involve naval escorts. Iran’s parliamentary security committee head Aziz called the posts delusional. The oil market reaction gives weight to the Iranian view. US gasoline prices are approaching USD 4.5 per US gallon, which is an incentive for the administration to use calming rhetoric to guide markets. This has less impact as the point of physical shortages moves closer.

The end of Jerome Powell’s term as Fed chair brings a shift in US monetary policy, with a divided committee and new leadership on the horizon. We break down what the Fed transition means for interest rates, the outlook for further cuts, and how incoming chair Warsh’s views on AI, the Fed’s balance sheet, and inflation targets could shape fixed income markets. Tune in at the start of the trading week for this regular market outlook from Ulrike Hoffmann-Burchardi, Chief Investment Officer Americas and Global Head of Equities.

Andrew Dubinsky, Senior US Economist, joins to reflect on this week’s FOMC meeting and the likely final press conference held by Chairman Jerome Powell. We also discuss what a Kevin Warsh-led Fed might look like, along with outline expectations for monetary policy through the balance of the year. Plus, a health check on US economic activity. Host: Daniel Cassidy

US President Trump vowed to keep the (US) Hormuz blockade, declaring the Iranian economy was “crashing,” which would force negotiations. Investors are more inclined to look at the state of the US economy as determining how the situation evolves. In the Wile E Coyote scenario, the US is off the edge of the cliff but happily running on thin air. Thursday’s data showed household savings rates have fallen from 5.1% to 3.6% of disposable income during this administration, which is how consumers afford the affordability crisis. This decline can sustain consumption for some time, but not indefinitely.

On this episode of Viewpoints, Burkhard reflects on the factors that are contributing to global equity markets grinding higher, despite continued uncertainty stemming from geopolitics. We also touch on what investors should make of crude oil prices being once again on the rise, and assess how today’s market environment compares to that of the 1990s.

Despite King Charles reassuring US members of Congress that there was no “rearguard action” to re-establish control, the Federal Reserve has acquired a distinctly British accent. Four dissents (in two directions) is a straightforward Bank of England imitation (economics is always more convincing in a British accent). Fed Chair Powell pledged to remain in office as a governor.

Arif Joshi is a Senior Managing Director and Head of the Emerging Markets platform at Bramshill Investments. Arif shares boots-on-the-ground insights following a recent trip to Venezuela, as we discuss the country’s geopolitical relations with the US, along with the landscape for energy production and exploration. We also discuss the US-Iran war and its’ implications to economic activity in the region, upcoming talks between President Trump and China’s President Xi Jinping, along with where to locate opportunity across the emerging markets. Host: Daniel Cassidy

The UAE’s imminent departure from the OPEC oil cartel is the most significant to date. Near term, there is little impact—oil prices are primarily influenced by Iran. Longer term, it may mean more supply, although OPEC’s influence in broadly defined energy supply is likely to decline at an accelerated pace with electrification. The move may signal a more urgent need for revenue by the UAE—reflecting reconstruction, rearmament, and the loss of revenues from oil, tourism, and nomadic wealth.

Join Evan Brown, Head of Multi-Asset Strategy and Portfolio Manager, for an assessment of the current macro and market environment. Hosted by Marc Whitman, Multi-Asset Specialist. Recorded on 26.04.01

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 28 March 2026.

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 March 2026.

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 15 March 2026.

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 March 2026.

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 1 March 2026.

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.

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 2 February 2026.

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 25 January 2026.

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 19 January 2026.

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 11 January 2026.

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 4 January 2026.

Join Evan Brown, Head of Multi-Asset Strategy and Portfolio Manager, and Nicole Goldberger, Head of Global Multi-Asset Portfolio Management and Portfolio Manager for UBS Asset Management, for an assessment of the current macro and market environment as we head into 2026. Hosted by Fatou Konteh, Multi-Asset Specialist. Recorded on 25.12.03

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 14 December 2025.

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 7 December 2025.

Join Jeremy Zirin, Head of the Private Client U.S. Equity Teams with UBS Asset Management, as he shares a performance update and outlook for U.S. equities. Host: Dominic Schagar, Senior Equity Investment Specialist. Recorded on 25.11.19

Join Evan Brown, Head of Multi-Asset Strategy and Portfolio Manager for UBS Asset Management, for an assessment of the current macro and geopolitical environment. Recorded on 25.11.05

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 23 November 2025.

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 November 2025.

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. This week - Commentary about AI demand in earnings reports, and a potential end to the U.S. government shutdown. Recorded on 9 November 2025.