UBS On-Air: Market Moves Viewpoints with Burkhard Varnholt - A global markets podcast (Ep. 57)
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Jan 22, 2026 Burkhard Varnholt, a market strategist and commentator, shares insights straight from the World Economic Forum in Davos. He discusses how Donald Trump's speech reassured markets and examines the turmoil in Japan's bond market, highlighting impending risks from a snap election. Varnholt also reflects on the potential global impacts of Japanese yields and the Bank of Japan's policy dilemmas. Additionally, he explores the EU's ambitious idea for a virtual '28th state' to enhance business competitiveness, highlighting a growing appetite for pro-business reforms.
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Trump Calmed Markets In Davos
- Burkhard Varnholt described Donald Trump's Davos speech calming markets by backing down on threats over Greenland.
- He noted Trump mentioned the Wall Street bull market, signalling continued attention to markets.
Tokyo Bond Storm Can Ripple Globally
- Japan's debt at about 250% of GDP and snap-election fiscal promises spurred a bond-market sell-off and higher yields.
- Burkhard argues this Tokyo shock could ripple globally but is unlikely to trigger a Lehman-style crisis.
BOJ Likely To Protect Bond Market
- Burkhard believes the Bank of Japan will prioritize government bond market stability and liquidity over aggressive tightening.
- He expects the disruption to pass and not derail the global bull market.