Shane drops by to share the latest developments out of the Middle East involving Israel and Iran, along with notable domestic developments spanning progress on the One Big Beautiful Bill, and Federal response to recent occurrences of civil unrest. Plus, thoughts on the outcome of this week’s round of US-China trade talks. Featured is Shane Lieberman, Senior Governmental Affairs Advisors, Governmental Affairs US. Host: Daniel Cassidy
Jun 13, 2025•12 min
We close out another trading week by recapping US-China trade talks, the latest round of US inflation-data, along with other macro points of interest. Plus, thoughts on US equities at current levels, equity positioning, and a preview of what to expect in the week ahead. Featured is Matt Tormey, Equity Strategist Americas, UBS Chief Investment Office. Host: Shiavon Chatman
Jun 13, 2025•10 min
The scale of Israel’s air strikes against Iran were not anticipated by financial markets (US President Trump having suggested a deal with Iran was close, just yesterday). As a result, the oil price has had the largest spike since Russia’s invasion of Ukraine. The economic disruption may well be contained—the starting point was quite a weak oil market, given expectations of a US growth slowdown.
Jun 13, 2025•3 min
On this week’s episode of Viewpoints, Burkhard outlines the factors behind the recovery of US equities, along with what could drive further momentum from here. We also cover why European markets may not have an “unfair advantage” when it comes a lower rate environment, when compared to the Fed holding steady for now. Plus, thoughts on the recent performance of South Korea’s KOSPI-Index.
Jun 12, 2025•11 min
Yesterday’s US consumer price inflation data showed, as expected, faint hints at the effects of trade taxes and clearer examples of weak demand. The declining number of people wishing to visit the US helped weaken air fares. Goods where inventory is held for longer (like autos) avoided tariff effects for now. Imported goods with shorter inventory times—like bananas—saw price surges. Large consumer appliances had the second largest price increase on record. Producer price data may show more tarif...
Jun 12, 2025•3 min
On this week’s episode of Viewpoints, Burkhard outlines the factors behind the recovery of US equities, along with what could drive further momentum from here. We also cover why European markets may not have an “unfair advantage” when it comes a lower rate environment, when compared to the Fed holding steady for now. Plus, thoughts on the recent performance of South Korea’s KOSPI-Index.
Jun 11, 2025•11 min
A special edition fireside chat with Joe Tsai, Chairman of Alibaba, a global leader in e-commerce and artificial intelligence. Following introductory remarks from Mike Ebert, Head IB Americas at UBS, Ulrike Hoffmann-Burchardi, Global Head CIO Equity at UBS, moderates a conversation, delving into topics like the future of AI and the dynamics of the China Tech market.
Jun 10, 2025•38 min
US President Trump has declared trade talks with China “not easy”. There may be a difference between the administration’s perception of its bargaining position and reality. With the 90-day deadline to do deals approaching, no deals have yet been made—and the UK trade agreement has not come into effect. There are suggestions that Trump will retreat from export restrictions on chips in exchange for some so-called “rare” earths.
Jun 10, 2025•3 min
Jason rejoins in-studio to weigh in on a variety of factors that have (or have the potential to) move markets, including last week’s labor market data, and this week’s round of trade talks between the US and China. Plus, thoughts on the impact on the Trump-Musk split to the progression of Trump 2.0 economic policies, along with guidance when it comes to positioning for the current environment. Featured is Jason Draho, Head of Asset Allocation Americas, UBS Chief Investment Office. Host: Daniel C...
Jun 09, 2025•17 min
Media coverage of events in Los Angeles has been intense. There are economic and financial market consequences, but domestic and international investors may react differently. Domestic investors’ views will be shaped by their chosen cable news channel, and potentially by fake news on social media. International investors’ perceptions of risk will be affected by their own experiences of protest, civil unrest, militarization, and secession.
Jun 09, 2025•3 min
Kurt rejoins the conversation in studio to reflect on the latest developments surrounding US trade policy, along with how markets have reacted - plus, thoughts on how trade negotiations (most notably with China) may evolve in the weeks and months ahead. We also discuss investor concern stemming from the US fiscal outlook, and the path forward for the US budgetary situation. Featured is Kurt Reiman, Head of Fixed Income Americas, UBS Chief Investment Office. Host: Daniel Cassidy
Jun 08, 2025•15 min
We check back in on the emerging markets by discussing the headwinds facing the US dollar, and what it all means for emerging market assets. Plus, a spotlight on investment considerations surrounding Argentina. Featured is Alejo Czerwonko, Chief Investment Officer for Emerging Markets Americas, UBS Chief Investment Office. Host: Daniel Cassidy
Jun 08, 2025•12 min
We close out the week by reflecting on the latest jobs numbers and what the results indicate about the health of the US labor market. We also review this past week’s notable data releases, including a look at the Fed’s Beige Book. Plus, a preview of what to expect in the week ahead. Featured is Danny Kessler, Asset Allocation Strategist Americas, UBS Chief Investment Office. Host: Shiavon Chatman
Jun 06, 2025•13 min
The US May employment report is due, with the regular reminders that this data has become increasingly unreliable in recent years, and average earnings are not wages. This month’s data will correct errors that crept into last month’s data. Signs of weakness in restaurant and leisure travel sectors mean fewer lower paid workers may be employed, raising average earnings without affecting wages. But, the Federal Reserve’s “data dependency” means the labor market is seen as a trigger for policy acti...
Jun 06, 2025•3 min
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.
Jun 06, 2025•11 min
A total of 52 out of 52 surveyed economists expect a quarter point ECB rate reduction today. How could so many economists possibly be wrong?
Jun 05, 2025•3 min
Rich rejoins the conversation with Jason to exchange thoughts around the evolution of US trade policy, the current market environment, the health of the US economy, and portfolio positioning recommendations. Featured are Jason Draho, Head of Asset Allocation Americas with the UBS Chief Investment Office, and Richard Bernstein, Founder, Chief Executive Officer and Chief Investment Officer of Richard Bernstein Advisors (RBA). Host: Daniel Cassidy
Jun 04, 2025•34 min
US President Trump’s mega-donor Musk was strongly critical of the “big, beautiful bill” currently before Congress. The bill contains many things markets are worried about. Musk’s opposition may embolden some Republican senators to oppose parts of the bill (Musk has more money than Trump, but their recent political forays have not been universally successful).
Jun 04, 2025•3 min
May was a good month for the markets, though there are many questions that investors are asking as we enter June, such as the fate of tariffs, the outcome of trade negotiations, the status of the One Big Beautiful Bill, and what impact the tariffs will have on the economy. Jason Draho, Head of Asset Allocation Americas, from the UBS Chief Investment Office, weighs in on those questions, along with shares guidance when it comes to positioning for the current environment. Host: Shiavon Chatman
Jun 03, 2025•18 min
Reports in Washington suggest US President Trump may talk directly with China’s President Xi later this week (after several days of more heated rhetoric between the US and China over trade). As Trump has been anxious for the call, and China has not, this may hint at more US retreats over trade taxes as a concession to bring China to the telephone.
Jun 03, 2025•3 min
US President Trump doubled taxes on US consumers of imported steel on Friday, and (so far) has not retreated from that tax increase. Trump reacted angrily when confronted with the Financial Times acronym “TACO”, and the implication that markets expect Trump to reverse policy rapidly. Investors may worry that Trump persists with these taxes, not because of some economic objective but instead as an emotional reaction to market perceptions of their negotiating stance.
Jun 02, 2025•2 min
We close out the trading week by reviewing the latest developments surrounding US trade policy, recapping notable macro data releases (including a look at the FOMC meeting minutes) - plus, a preview of the week ahead. Featured is Mike Gourd, Asset Allocation Strategist Americas, UBS Chief Investment Office. Host: Shiavon Chatman
May 30, 2025•14 min
There is yet more uncertainty in the US economy. US President Trump appealed the ruling that their trade taxes were illegal. While this is decided, the taxes stay. There are thus three layers of uncertainty. Will the taxes survive? If they are illegal, will US companies and consumers get refunds? And are trade taxes today actually being collected? There is also uncertainty around how US companies will react to this uncertainty, especially with pricing.
May 30, 2025•3 min
There has been no letup in the trade drama, with a US federal court striking down much of President Trump’s recent tariff hikes. That followed a sudden pivot in trade talks with the European Union - with the threat of a 50% tariff to an acceleration of negotiations all within the space of a few days. So what have we learnt about Trump’s strategy? What does this all mean for the EU and Switzerland? And where do we see the safest investment opportunities across the pond? Hear perspective from Dean...
May 29, 2025•18 min
A timely review of overnight trade developments, plus a look at positioning recommendations within EM equities, and thoughts on the dollar. We also touch on how investors can position using EM and international equities in the context of portfolio diversification. Featured is Xingchen Yu, Emerging Markets Strategist Americas. Host: Daniel Cassidy
May 29, 2025•14 min
The US trade court ruled that about half of US President Trump’s trade tax increases are illegal. Markets reacted positively, but the US has not been reset to its factory settings.
May 29, 2025•3 min
Equity markets seemingly rallied on optimistic comments from US President Trump around trade. So much focus on the words of one individual is unusual. Trump has the power to limit future economic damage from new trade taxes, but cannot undo the damage of past policy swings. For example, comments in yesterday’s sentiment data highlighted that companies are delaying decisions in the face of policy uncertainty, even as Trump retreated from some tariffs.
May 28, 2025•3 min
Until recently, gold’s rally seemed unstoppable. In an environment where perceived safe havens were scarce, gold stood out. However, in recent weeks, investor sentiment has shifted as geopolitical tensions eased. Does this mean gold’s rally has come to an end? Not necessarily, according to our commodities experts, Wayne Gordon, CIO APAC Head of Investment Advisory & Content, and Giovanni Staunovo, CIO Commodity Strategist. Co-hosts: Christopher Swann and Belinda Peeters.
May 27, 2025•24 min
The US long weekend was marked by aggressive policies and then a retreat, but that still leaves its mark on financial markets. The US dollar remains near its recent lows against major currencies. Investors are concerned that the retreats may not be comprehensive, and that economic behavior will still have to adjust to accommodate wild policy swings.
May 27, 2025•3 min
US President Trump has retreated from their threat to aggressively tax US consumers of European products, delaying the suggested 50% tariff to July. These retreats are so frequent that investors should rationally expect them. So why do markets still react to the initial announcements, as happened last Friday?
May 26, 2025•3 min
