UBS On-Air: Market Moves

Over the past two weeks, perceptions of affordability seem to have shaped US administration policy. Tariffs on furniture imports are delayed, and proposed tariffs on Italian pasta imports are cut. Furniture prices moved from deflation in 2023-24 into inflation last year, although consumers are less sensitive to furniture price changes. Pasta is a small share of consumer spending, but a visible price. If perceptions of affordability are shaping policy, investors need to broaden their focus beyond the precise measurement offered by CP

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

The U.S. has dominated headlines in 2025, with investors focused on AI breakthroughs, policy shifts from the Trump administration, and the outlook for Fed rates. Yet, so far this year, European equities have outperformed their U.S. counterparts in U.S. dollar terms - and the outlook for 2026 looks even brighter. What’s fueling this shift, and why should investors take a closer look at Europe now? In this episode of “Across the Pond,” Themis Themistocleous, Head of the Chief Investment Office for EMEA, and hosts Christopher Swann and Belinda Peeters explore the drivers behind Europe’s improving prospects and highlight the most attractive opportunities for the year ahead.

The Bank of Japan did what was expected and raised rates a quarter point. Dramatic headlines that this is the highest rate in thirty years should not be taken too seriously (parallels to 1995 are not helpful). BoJ governor Ueda emphasised wages as being important to determining future policy decisions.

The 250 years of U.S. innovation publication series highlights examples of how transformational innovation has been an engine of U.S. economic growth since the nation’s founding. Today, we explore the history of aviation in the U.S. by referencing the next publication of the series: Into the wild blue yonder - Aviation. Featured are Kurt Reiman, Head of Fixed Income Americas, and Nathaniel Gabrial, U.S. Industrials and Materials Sector Strategist, UBS Chief Investment Office. Host: Daniel Cassidy

On the final CIO Strategy Snapshot for 2025, Jason reflects on recent economic data-point releases, along with the December FOMC meeting, and assesses the macro and policy environment as we head into 2026. Plus, Jason unveils his choice for the 2025 finance word of the year and shares his early WOTY choices for 2026. Featured is Jason Draho, Head of Asset Allocation Americas, UBS Chief Investment Office. Host: Daniel Cassidy

The ECB and the Bank of England meet. The ECB decision can be dismissed with a shrug of indifference. The Bank of England is expected to cut rates, but the depth of division amongst policy setters is a focus. More rate cuts are likely next year.

The 250 years of U.S. innovation publication series highlights examples of how transformational innovation has been an engine of U.S. economic growth since the nation’s founding. Today, we explore the history of electrification in the U.S. by referencing the next publication of the series: By the dawn's early light - Electrification. Featured are Kurt Reiman, Head of Fixed Income Americas, and Jay Dobson, U.S. Energy and Utilities Sector Strategist, UBS Chief Investment Office. Host: Daniel Cassidy

As we soon conclude 2025, Burkhard reflects on what was expected in the markets and what came as a surprise. Plus, a look at eight lessons learned. The Viewpoints podcast will resume in January 2026 - happy holidays and thank you for listening in 2025!