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 11 January 2026.

Hear from members of the UBS Chief Investment Office fixed income team as they provide a performance and positioning update across fixed income sub-sectors. Featured are Leslie Falconio, Head of Taxable Fixed Income Strategy Americas, Sudip Mukherjee, Senior Municipal Strategist Americas, along with Senior Fixed Income Strategists’ Barry McAlinden, Frank Sileo, & Letty Zemaitis, from the UBS Chief Investment Office.

Fresh off the release of the December employment numbers, Paul drops by to reflect on the data and health checks the U.S. labor market. Plus, a look at growth expectations for the U.S. economy in 2026, and an outlook for monetary policy against the current macro backdrop. Featured is Paul Hsiao, Asset Allocation Strategist, UBS Chief Investment Office. Host: Daniel Cassidy

German industrial production was stronger than expected and (of course) previous data was revised stronger too. November exports were weaker, but US importers have been scrambling to minimize their tax liabilities which has distorted normal patterns of trade.

Affordability remains in focus. US President Trump pledged yesterday to prevent institutional investors buying single family homes, explicitly because of affordability. This follows a series of reversals on highly visible tariffs. These are single issue policies—aimed at tackling narrow problems, rather than being a part of a broader platform.

Following the developments over this past weekend in Venezuela, Senior Emerging Markets Strategist, Alberto Rojas, joins for a timely conversation to explain what factors should be considered against a backdrop of complexity and uncertainty. Featured is Alberto Rojas, Senior Emerging Markets Strategist, UBS Chief Investment Office. Host: Daniel Cassidy

A wide-ranging discussion on yield, credit markets, along with where pockets of vulnerability and opportunity exist within fixed income as we enter 2026. Leslie and Gene also spend time sharing their overall outlooks, along with views when it comes to monetary policy, and positioning across the asset class. Featured is Gene Tannuzzo, Global Head of Fixed Income at Columbia Threadneedle Investments, and Leslie Falconio, Head of Taxable Fixed Income Strategy Americas with the UBS Chief Investment Office. Host: Daniel Cassidy

German November retail sales were weaker than expected, but the October data was revised substantially higher. Throughout 2025, German retail sales data was nearly always revised substantially higher, and there is no reason to suppose that trend will not continue. German consumers are more persistently exuberant than initially reported.

Preliminary December German and French inflation data is not likely to interest markets. The German figures should show moderation, but some of this is a lower weighting to package holidays (which tend to add to inflation)—a technical shift not necessarily indicative of any dramatic changes in inflation pressures. The ECB is likely to remain on its course of masterful inactivity (markets like the ECB being inactive).

The Snapshot returns after a holiday hiatus - Jason Draho begins the year by sharing investment themes and risks to watch for in the months ahead, along with positioning recommendations. We also refresh on CIO’s expectations for monetary and fiscal policy, the U.S. macroeconomic environment, and market performance. Featured is Jason Draho, Head of Asset Allocation Americas, UBS Chief Investment Office. Host: Daniel Cassidy