UBS On-Air: Market Moves
UBS On-Air: Market Moves is a podcast that explores market behavior beyond the daily ticker. It features conversations designed to broaden listeners' thinking about financial markets. The show is produced by UBS's Client Strategy Office.
Episodes
UBS On-Air: Paul Donovan Daily Audio 'Trust the trends'
The US employment report was a convenient reminder not to put too much emphasis onto a single unreliable data release. There were notable revisions, and the details showed swings in seasonal adjustments moving the figures in a rather maladjusted manner. The trends are still the same. In an uncertain policy environment, companies seem reluctant to hire, but are also not rushing to fire. The labor m
Washington Weekly Podcast: SCOTUS rulings, Legislative focuses, USA 250
On this week’s edition, Shane highlights how the United States of America has been celebrating its 250th birthday. We also review some of this week’s final opinions issued by the Supreme Court, along with take inventory of legislative items Congress is working to address ahead of the quickly approaching summer recess. Featured is Shane Lieberman, Senior Governmental Affairs Advisor, Governmental
Top of the Morning: June Jobs Report & macro update
A review of the latest employment data and what it reveals about the health of the US labor market. Plus, a review and preview of other notable macro data points of interest. Featured is Andrew Dubinsky, Senior US Economist, UBS Chief Investment Office. Host: Daniel Cassidy
UBS On-Air: Paul Donovan Daily Audio 'Policy and data problems'
With the US not working tomorrow, we get June labor market data today. The level of inaccuracy in the data means the monthly changes should not be taken too seriously. The trends are still the same—not too much hiring, not too much firing. The general level of policy uncertainty over the past 18 months encouraged paralysis of corporate decision-making.
House Call: Talking Equity Markets with UBS Asset Management
Join Jeremy Zirin, Senior Portfolio Manager of the House View Equity Portfolios and Head of the Private Client US Equity Team with UBS Asset Management, as he shares a performance update for US equities. Host: Dominic Schagar, Senior Equity Investment Specialist. Recorded on 18.06.26
UBS On-Air: Paul Donovan Daily Audio 'Hints of hosiery'
At congressional confirmation hearings, Federal Reserve Chair Warsh famously denied being US President Trump’s sock puppet. Markets will scour Warsh’s comments today for any hint of hosiery. The desire to prove political independence may give a hawkish tone. Warsh already signaled a disinclination to offer policy guidance (despite the risk this causes market volatility, raising the cost of capital
Talking Markets Podcast Series (Preferreds) with Bob Giangregorio (Spectrum) & Frank Sileo (UBS CIO)
Bob Giangregorio is a Senior Vice President and Portfolio Manager at Spectrum Asset Management. Bob 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.
UBS On-Air: Paul Donovan Daily Audio 'Dull resilience'
The narrative of today’s generally “second tier” data releases is of a global economy that is resilient if somewhat dull. This might seem remarkable in the face of war, oil price gyrations, and unpredictable US policy. However, middle-income consumers in developed economies began this year in a solid position. Oil and the US economy have become less important over time. People are very good at ada
Top of the Morning: CIO Strategy Snapshot - Second half outlook
As the second half of 2026 soon approaches, Jason spends time this week outlining CIO’s macro and market expectations (including expectations for Fed policy under Chair Warsh), and reviews positioning recommendations along with key messages. Plus, a look at the drivers behind recent market volatility. Featured is Jason Draho, Head of Asset Allocation Americas, UBS Chief Investment Office. Host:
Signal over Noise: What US history tells us about AI capex
This episode explores what historical US innovation can teach us about the trajectory of AI CapEx. Drawing on the 250 years of US innovation series, it looks at three key lessons from past capital cycles, from railroads to electrification to the internet. It highlights how innovation cycles tend to follow a similar pattern, how competition drives investment dynamics, and where value ultimately eme
UBS On-Air: Paul Donovan Daily Audio 'Crude and machismo'
Oil futures prices have been largely indifferent to the weekend’s events in the Gulf and Russia. Investors managed to contain their surprise at Iran and the US trading military strikes. US policy has been highly volatile in several areas over the past 18 months, preparing investors for instability in implementing the Versailles memorandum. Russian President Putin’s admission that Ukrainian drone s
Washington Weekly Podcast: Housing bill, Primary elections, US-Iran update
Shane drops by to reflect on this week’s primary election results and highlight implications to the midterms in November. We also discuss whether the US and Iran can finalize a deal over the next 60 days to end the conflict. Plus, a look at this week’s legislative developments and gridlock around a housing and voting bill.
UBS On-Air: Paul Donovan Daily Audio 'Tech vibes'
Technology stocks have had another episode of weakness, with trading in the South Korean market suspended after an 8% decline. This is still not enough to change perceptions of consumer spending —yesterday’s US data was a reminder that monthly cash savings have provided the resources to support consumer spending. However, a moderation of real world investment in tech does have economic implication
Landscape for Net-lease Investing with Gary Rozier (Blue Owl) & Jon Woloshin (UBS CIO)
Gary Rozier, Senior Managing Director and member of the Real Assets Management Team at Blue Owl Capital is hosted by Jon Woloshin, UBS CIO Americas Real Estate & Lodging Equity Strategist, at the 1285 podcast studio in New York for a wide-ranging conversation on the landscape for net-lease Investing. Gary and Jon discuss key considerations for net-lease investors, the types of properties best
UBS On-Air: Paul Donovan Daily Audio 'Oil prices—past, present, and futures'
Crude oil futures reached pre-war levels, anticipating future oil flows through the Strait of Hormuz. Current oil flows are only a fraction of pre-war levels, and oil refineries refine actual oil, not hypothetical future oil. Consumer (refined) gasoline prices in the US remain around a third higher than pre-war prices (in the UK, petrol prices are around 10% higher, reflecting different tax struct
Top of the Morning: UBS Asian Investment Conference takeaways
Having recently attended the UBS Asian Investment Conference in Hong Kong, Alejo Czerwonko, CIO for Emerging Markets Americas, stops by the studio to share reflections and takeaways. We cover some key points of interest from the conference, including how factors such as geopolitics and AI are influencing the region. Plus, how the overall experience reshaped Alejo’s investment views. Host: Danie
UBS On-Air: Paul Donovan Daily Audio 'Murky situations'
US Treasury Secretary Bessent warmly endorsed Federal Reserve Chair Warsh, describing Warsh as competent and capable of lowering inflation. Such endorsements are not unusual, but as Warsh had to deny being US President Trump’s “sock puppet” this sort of intervention might shape perceptions of political influence. US inflation should fall as the inflationary effects of administration policies (tari
Fixed Income Conversation Corner: Private Credit edition with Dan Oneglia (Blackstone) and Leslie Falconio (UBS CIO)
A wide-ranging conversation on the landscape for private credit investing, including performance drivers, risk considerations, and what’s important for investors to focus on. Featured are Dan Oneglia, Global CIO of Liquid Credit Strategies, CEO and Co-CIO of Blackstone Multi-Asset Credit & Income Fund with Blackstone, and Leslie Falconio, Head of Taxable Fixed Income Strategy Americas with th
UBS On-Air: Paul Donovan Daily Audio 'Equity volatility, economists’ indifference'
Technology equities exhibited some volatility overnight (South Korea’s markets falling quite noticeably). This is not caused by shifting economic expectations, allowing economists to exhibit indifference. It is too soon to be talking about wealth effects, and for now, consumers’ desire to consume should outweigh any consequences of market volatility.
Top of the Morning: The Great Wealth Transfer - An introduction
An introduction to what The Great Wealth Transfer is, the implications of immense wealth changing hands, and how wealth managers must adapt to fulfill the needs and preferences of future wealth holders. Over a multiple part series of episodes, Marianna Mamou, Head of Advice Beyond Investing with the UBS Chief Investment Office, will break down these topics further. Host: Daniel Cassidy
Signal over Noise: A new Fed framework
This episode explores the signals in the most consequential Fed debut in nearly two decades: what happened, how markets reacted, and where to go from here. The Fed held rates steady for a fourth consecutive meeting, while Warsh was more hawkish than expected, emphasizing price stability and the Fed’s institutional credibility alongside a shift away from the easing bias. It also examines how he opt
UBS On-Air: Paul Donovan Daily Audio 'Sticking with the optimistic bias'
There has been a heated exchange over the situation in the Gulf this weekend. However, US Vice President Vance is in Switzerland to talk with Iranian officials. There have been cautiously positive statements from Iran on the talks, and given market perceptions of the balance of power, that fact (plus the inherent market bias to optimism) has produced lower oil prices.
Top of the Morning: CIO Equity Pulse - Monthly performance update & outlook
Join David Lefkowitz, Head of Equities Americas, each month for a look at the factors that are driving performance across US equities. We also cover risk considerations, thematic focuses, and positioning recommendations from the UBS Chief Investment Office (as outlined within the latest UBS House View). This month, David discusses how much new equity issuance there could be this year from both I
UBS On-Air: Paul Donovan Daily Audio 'Little of substance'
Yesterday, US Vice-President Vance denied being the “fall guy” for the position the US finds itself in with Iran, but has chosen not to fly to Switzerland for talks at the moment. Markets assume delayed negotiations would just extend the ceasefire, and are fixated on the volume of shipping (and oil) through Hormuz.
Washington Weekly Podcast: US-Iran memorandum of understanding, G-7 summit takeaways
Shane drops by to reflect on the wide range of topics covered during this week’s G-7 summit in France, including renewed efforts by leaders to end the Russia-Ukraine war. We also discuss the fourteen-point plan included within the agreed to US-Iran memorandum of understanding, along with what the months ahead might have in store. Featured is Shane Lieberman, Senior Governmental Affairs Advisor,
Top of the Morning: June FOMC meeting recap & macro update
Following this week’s FOMC meeting - the first led by new Chairman, Kevin Warsh - Andrew drops by to share an assessment of the statement and press conference, along with an outlook for monetary policy. Plus, a health check on the US economy as we look towards the second half of 2026. Featured is Andrew Dubinsky, Senior US Economist, UBS Chief Investment Office. Host: Daniel Cassidy
UBS On-Air: Paul Donovan Daily Audio 'Say more'
The Federal Reserve meeting produced a hawkish impression, with a strong focus on fighting inflation. That may put Fed Chair Warsh at odds with US President Trump, as the Fed’s own research suggested US tariffs have added to inflation. Near-term policy changes seem unlikely, given the number of proposed committees Warsh is establishing.
Talking Markets Podcast (Secondaries market) with Nate Walton, Ares Management
Nate Walton is a Partner and serves as the Head of Private Equity Secondaries for Ares Management. Nate drops by the UBS podcast studio in New York for a comprehensive discussion around the secondaries market - including the market evolution, supply-demand dynamics, return drivers, manager selection considerations, and more. Host: Daniel Cassidy
UBS On-Air: Paul Donovan Daily Audio 'Fed fun'
The Federal Reserve is expected to leave rates unchanged today. The Bank of Japan started with an accommodative stance, and has moved toward neutral. The European Central Bank started with a neutral stance, and unnecessarily moved toward a restrictive policy. The Fed started the year with a mildly restrictive policy, and there is no necessity for change.
Top of the Morning: Muni Market Guide - Leading the pack
We discuss the factors behind YTD muni performance relative to other fixed income sectors, against a backdrop of geopolitical uncertainty, rate volatility, and elevated supply. Plus, a look at opportunities within prepaid gas bonds. Featured are Sudip Mukherjee and Barry McAlinden, Senior Fixed Income Strategists Americas, UBS Chief Investment Office. Host: Daniel Cassidy
UBS On-Air: Paul Donovan Daily Audio 'How to do a rate hike'
As expected, the Bank of Japan raised rates to 1%, a level last seen in the distance past of 1995. This was a different move from the recent ECB policy error—unlike Europe, Japan began the year with an accommodative monetary stance. The rate increase is part of a process of returning to neutral, and is broadly considered appropriate.
Top of the Morning: CIO Strategy Snapshot - In the Knick of time
While it was an exciting weekend for sports fans, it was also a notable weekend on the geopolitical front, with the US and Iran having agreed to a deal that will re-open the Strait of Hormuz. We discuss what this means for the markets, along with what investors will watch for during this week’s highly anticipated FOMC meeting. Plus, a review of CIO’s current positioning recommendations. Feature
UBS On-Air: Paul Donovan Daily Audio 'Rise and fall'
The announcement of an Iran-US deal (to be signed on Friday) has supported risk markets and allowed oil prices to fall moderately. The deal comes before strategic petroleum reserves were exhausted, limiting the economic damage from the war. Iran will not toll shipping through Hormuz for 60 days—after that it is not clear, but tolls are not likely to be a major economic cost.
Signal over Noise: Model disabled: What government restrictions of frontier models mean for the equity markets
A US policy restricting access to a cutting edge AI model led to a sudden shutdown for all users last week, raising questions about what AI regulation means for markets. This episode explores how concerns around misuse, including jailbreaking and cyberattacks, could impact model development, access, and competition across regions, and what this means for markets in the near term.
Top of the Morning: Fixed Income Strategist - The Lending Powering AI Investment
We discuss the factors that have led to a pronounced repricing of US interest rates, an outlook for monetary policy, and CIO’s current fixed income positioning recommendations. Plus, a look at the lending that is powering AI investment, and the implications to credit markets. Featured are Leslie Falconio, Head of Taxable Fixed Income Strategy Americas, and Barry McAlinden, Senior Fixed Income St
Washington Weekly Podcast: US-Iran, US trade policy, FISA, & Secure America Act
Shane drops by to update on the latest surrounding a potential deal signing over the weekend to end the US-Iran conflict, along with updates on recent legislative developments spanning the Foreign Intelligence Surveillance Act and Secure America Act. Plus, a look a renewed efforts from the Trump administration to enact new tariffs. Featured is Shane Lieberman, Senior Governmental Affairs Advisor
UBS On-Air: Paul Donovan Daily Audio 'Carrying on, without keeping calm'
The expected error from the ECB was accompanied by rhetoric citing concerns about oil price pressures broadening throughout the Eurozone economy. There is no evidence of this reported broadening—non-oil prices should be expected to pass on oil-related costs, and only a wage-spiral or profit-led inflation would constitute a broadening of inflation pressures. These are notable by their absence. None
UBS On-Air: Paul Donovan Daily Audio 'How bad is the ECB error?'
The ECB is almost certain to commit a policy mistake today. Raising rates will not change Eurozone inflation or inflation expectations. This policy is stuck in an unhelpful 2022 mindset. Consumers will continue to reduce savings rates to pay for higher oil prices. The main consequence of today’s error is to increase fragility in the economy, rather than doing more serious damage.
Viewpoints with Burkhard Varnholt - A global markets podcast (Ep. 65)
On this episode of Viewpoints, with the commencement of the World Cup tournament just days away, Burkhard outlines the economics of soccer and the highly anticipated event. We also touch on the direction of interest rates, and the prospects for newly minted Fed Chair Kevin Warsh having to begin his term with a rate-hike, rather than a rate-cut.
UBS On-Air: Paul Donovan Daily Audio 'Inflation bonanza'
May US headline consumer price inflation is expected to rise as the price of the Iran war is being passed through relatively quickly to consumers. A supply shock might have a delayed effect (with profit margins being squeezed), but the very visible cause of price increases and the precedents of the pandemic supply shocks and tariffs make it easier for firms to pass on higher costs without delay (l
House Call: Talking Equity Markets with UBS Asset Management
Join Jeff Hans, Senior Portfolio Manager for the House View Equity Portfolios with UBS Asset Management, as he shares a performance update and outlook for US equities. Host: Dominic Schagar, Senior Equity Investment Specialist. Recorded on 27.05.26
UBS On-Air: Paul Donovan Daily Audio 'Trade time'
China’s May exports were stronger than expected, with the seemingly insatiable demand of companies wanting to play with the nice shiny new toy of AI. Export data to the US was flattered by comparison to the volatility around US tariff announcements last year. Recent months have also shown strength in exports of the electrification big three—solar panels, batteries, and electric vehicles.
Top of the Morning: CIO Strategy Snapshot - Sentiment drivers
The string of nine consecutive positive weekly returns for the S&P 500 ended last week, with Friday being one of the worst days all year after the release of the May jobs report. Jason Draho, Head of Asset Allocation Americas from the UBS Chief Investment Office, joins to discuss the jobs data, the market response, and what it means for the investment outlook. Host: Daniel Cassidy
UBS On-Air: Paul Donovan Daily Audio 'Market moves more than economic shifts'
Bond and equity markets have weakened in Asian trading. There seems to be no single cause, rather a general sense of increasing risk. Economically, the drop in equities is not that significant—in theory, there might be negative wealth effects, but this is too small a move and most consumers have been relying on lowering savings rates, not equity liquidation to finance their consumption.
Signal over Noise: Playing offense and defense through healthcare
Health care has not seen the same stock market traction as AI and power and resources over the past year, but continues to serve as a key ingredient to a diversified portfolio and a source of stability. This episode explores how the sector is not just a defensive play, with the pharma industry moving toward innovation-driven growth led by GLP-1 drugs. At the same time, advances in artificial intel
Washington Weekly Podcast: Primary elections, Legislative agenda, Geopolitics
Shane drops by to recap this week’s primary election outcomes, and shares thoughts on potential outcome scenarios for the November mid-term elections. Plus, a review of Congressional legislative priorities over the next few months, and an update on where negotiations stand to end the US-Iran war. Featured is Shane Lieberman, Senior Governmental Affairs Advisor, Governmental Affairs US. Host: Da
Top of the Morning: May Jobs Report takeaways
Andrew Dubinsky, Senior US Economist from the UBS Chief Investment Office, drops by on this jobs Friday to reflect on the May employment report and the overall health of the US labor market. Plus, a preview of next week’s May inflation data, and thoughts on what the inflationary environment could look like in the second half of the year. Host: Daniel Cassidy
UBS On-Air: Paul Donovan Daily Audio 'Why work matters'
The US employment report adds a rather unreliable narrative to the US labor market data. Expectations are for a dull report, with an unchanged unemployment rate and a sub-100,000 non-farm payrolls number. However, the range of estimates is particularly scattered. When job creation is this weak, the composition of the workforce may distort the average hourly earnings data without saying anything ab
Across the Pond: Europe’s overlooked innovators
Europe is often associated with weaker growth, energy shocks, and geopolitical pressure. But beneath the surface, some of the region’s leading companies are telling a very different story - one of resilience, adaptation, and innovation. In this episode of Across the Pond, hosts Christopher Swann and Belinda Peeters are joined by Rolf Ganter, Head of European Equities, to discuss what is driving th
UBS On-Air: Paul Donovan Daily Audio 'Uncertain times'
The Federal Reserve Beige Book’s summary of economic anecdote mentioned “uncertain” and “uncertainty” no fewer than 50 times this month (before tariffs were announced). That is below the uncertainty peak that followed last year’s tariffs, but well above the 14 mentions in May 2024. Uncertainty has a paralyzing effect on business decisions—and the risk is that uncertainty endures.
UBS On-Air: Paul Donovan Daily Audio 'They’re back'
US President Trump is proposing new tariffs—an additional 10% for US consumers of goods from most major economies. Someone in the administration seems to be aware that tariffing high frequency purchases aggravates inflation perceptions and the affordability crisis, and some key food items are exempted.
Viewpoints with Burkhard Varnholt - A global markets podcast (Ep. 64)
On this episode of Viewpoints, Burkhard reflects on recent market performance and the momentum of equities, along with the impact of inflation concerns to bond market activity. Plus, some observations and takeaways from the UBS Global Family Office report.
UBS On-Air: Paul Donovan Daily Audio 'War and trade war costs'
Another day, another round of Gulf war stories—the latest originated from semi-official Iranian sources, so markets took them more seriously. Iran’s apparent suspension of negotiations with the US prompted US President Trump to attempt a ceasefire between Israel and Hezbollah. Market opinions differ as to the terms and effectiveness of this.
Top of the Morning: CIO Strategy Snapshot - What’s driving market performance?
June has commenced and summer is just around the corner. US equities however have not waited for summer to heat up, as the S&P 500 last week completed its ninth straight positive week. There exists however concern that this rally is overdone and at risk of a pullback. Jason Draho, Head of Asset Allocation Americas, reflects on current market conditions, drivers and provides an investment ou
UBS On-Air: Paul Donovan Daily Audio 'Managing a “no deal” world'
Oil prices have edged higher on the lack of any discernible progress toward an Iran-US agreement. As with reports of an imminent deal last week, the reaction is muted. A jaded cynicism has come over investors, and in the absence of a definite statement from Iran there is a tendency to downplay comments from the US administration.
Signal over Noise: What history tells us about the next market leaders
Every technology shift redraws the market leaderboard. From mainframe to PC, to internet and mobile, history shows it is not only about what stocks to own, but also what stocks not to own. Incumbents rarely win the next era, while profits shift to platforms and networks built on top of the hardware layer. In AI, companies fastest to reach platform mode, combining intelligence and application layer
Talking Markets Podcast (Gold) with Aakash Doshi of State Street Investment Management
Aakash Doshi, Head of Gold Strategy at State Street Investment Management, drops by the Talking Markets Podcast to outline the investment case for gold against a backdrop of geopolitical uncertainty. Aakash weighs in on price volatility, how he sees gold demand evolving, and how the structural factors that supported the gold market run in recent years have been impacted by recent geopolitical ris
UBS On-Air: Paul Donovan Daily Audio 'Extending the “ceasefire”'
Energy markets gave a cautious response to reports the US and Iran may extend the terms of the “ceasefire”. Key approvals are missing—US President Trump wishes to think about it, which will take a couple of days. Market caution also reflects the more muted tone from the Iranian side. Energy markets need to consider a post-war environment—how quickly production normalizes, what damage must be repai
Talking Markets Podcast (AI Tech Tour takeaways) with Tony Kim of BlackRock
Tony Kim, Head of the Global Technology Team within the Fundamental Equities division of BlackRock’s Portfolio Management Group, drops by the Talking Markets Podcast to reflect on a recent two-week Asia Tech Tour, where he met with over 40 companies across the AI stack. Tony shares what stood out most from those conversations, and shares how he is framing the opportunity and timing for another em
UBS On-Air: Paul Donovan Daily Audio 'Firing, not ceasing'
In the past day, the US fired on Iran, Iran fired on Kuwait, Israel fired on Lebanon, US President Trump threatened to “blow up” Oman. The US administration says the ceasefire (sic) is holding. Market reactions have been negative but muted. Investors are eyeing US domestic political pressures as grounds for expecting a resolution, in spite of Trump’s denials. Trump’s approval rating hit a new low
CIO Fixed Income Roundtable Podcast Series - 2Q26 update and outlook
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, along with Senior Fixed Income Strategists Letty Zemaitis, Frank Sileo, Sudip Mukherjee & Barry McAlinden, from the UBS Chief Investment Office.
UBS On-Air: Paul Donovan Daily Audio 'Idle speculation'
The embarrassing lack of economic information leaves markets prey to idle speculation, rather than the pure and objective guidance that economists can offer. Yesterday’s exchange of fire between Iran and the US has not had a major market impact—it fits with Iran’s narrative on negotiations (which is what markets have priced), and keeps the optimism bias more or less intact.
Top of the Morning: CIO Equity Pulse - Monthly performance update & outlook
Join David Lefkowitz, Head of Equities Americas, each month for a look at the factors that are driving performance across US equities. We also cover risk considerations, thematic focuses, and positioning recommendations from the UBS Chief Investment Office (as outlined within the latest UBS House View). This month, David explains CIO’s continued positive outlook for US equities, along with updat
UBS On-Air: Paul Donovan Daily Audio 'Looking for consequences'
US air strikes against Iran seem to confirm the Iranian view of negotiations to end the war. Investors had tended to focus on Iran’s perspective rather than the view set out in US President Trump’s social media posts, so the strikes have generated only a muted market response.
UBS On-Air: Paul Donovan Daily Audio 'The bias to optimism reasserts itself'
Iran confirmed progress in talks with the US, lending credibility to US President Trump’s weekend social media posts. A deal still seems some way off, but progress is enough to fuel markets’ inherent bias to optimism and oil prices have fallen. Reopening Hormuz would not return oil prices to pre-war levels. However, the impact of any Iranian tariff on tankers using the strait (probably around USD
How should I be positioned? with Joe Davis (Vanguard) and Jason Draho (UBS CIO)
Joe Davis is the Global Chief Economist and Global Head of the Investment Strategy Group at Vanguard. Joe joined Jason Draho, UBS CIO Head of Asset Allocation Americas, at the 1285 podcast studio to exchange views on a range of topics, including how the current geopolitical landscape is impacting markets, the road ahead for monetary policy, how artificial intelligence is shaping innovation and th
UBS On-Air: Paul Donovan Daily Audio 'Sense or sentimentality?'
UK consumer sentiment improved on the latest reading; but since the financial crisis, sentiment and reality have not been too closely aligned. UK April retail sales were weaker, with a more-than-10% decline in auto fuel sales leading the weakness. UK consumers have options (walking, public transport, flexible working) that can slow fuel consumption when prices rise.
Sustainable Investing Perspectives: Investing with a gender-lens
Tiffany Agard, Strategist on the UBS Global Investment Management Sustainable and Impact investing team is joined by Preeti Sayana, Portfolio Manager with Fidelity Investments, for a discussion around advances in gender-lens investing, opportunities to advance gender equality, and how to leverage your investments as a means for achieving that advancement - referencing the 2026 Gender-lens investme
UBS On-Air: Paul Donovan Daily Audio 'Trickle or treat?'
News that Iran has allowed some ships to cross the Strait of Hormuz encouraged a modest drop in the oil price. The volume of oil exiting the Gulf is a fraction of pre-war levels, but allowing some flow might diminish physical shortages. Assuming Iran benefits economically, it also lessens pressures on Iran to deal with the US. In terms of the Wile E. Coyote trajectory, this implies the economy is
Top of the Morning: Election Watch - Unified government at a crossroads
As the US midterm elections draw closer, Kurt and Shane drop by to outline potential Election Day outcome scenarios, as well as the policy and market implications of them. Plus, we reflect on the recent summit in Beijing between President Trump and President Xi Jinping, along with the geopolitical and economic implications of the ongoing US-Iran War. Featured are Kurt Reiman, Head of Fixed Incom
UBS On-Air: Paul Donovan Daily Audio 'Capping inflation'
Bond markets remain nervous about the Iran war (which potentially impacts inflation and fiscal deficits). Investors hope that market angst might encourage a US policy shift, as it did with tariffs. However, (at the time), tariffs were under US President Trump’s direct control and could be changed on a whim. Middle Eastern politics is a little more complex.
House Call: Talking Equity Markets with UBS Asset Management
Join Jeremy Zirin, Senior Portfolio Manager of the House View Equity Portfolios and Head of the Private Client US Equity Team with UBS Asset Management, as he shares a performance update for US equities. Host: Dominic Schagar, Senior Equity Investment Specialist. Recorded on 29.04.26
UBS On-Air: Paul Donovan Daily Audio 'Markets’ cynicism premium'
US President Trump declared that the US delayed attacking Iran because talks are going so well. Markets have been cautious in response. Equities failed to rally, because no attack is the status quo; and if investors have learned one thing about Axios reports of a deal, it is that these are historically a great reverse indicator. Oil prices did stop rising, perhaps reflecting a belief that this rei
Top of the Morning: CIO Strategy Snapshot - Policy puts vs. errors
Higher inflation and rates are near-term challenges. Policy-makers may respond by either exercising their policy "puts" or by making policy errors, both of which would impact near-term market performance. With the unofficial start of summer beginning this coming weekend, a question that investors may be asking is whether they should sell in May before they go away. Featured is Jason Drah
UBS On-Air: Paul Donovan Daily Audio 'MORE MARKET ANGST'
Markets are unsettled by a fire at an Emirati nuclear power plant, caused by an unidentified drone. US President Trump posted on social media about Iran using capital letters, and Iranian media are clear that Iran does not see an imminent US deal. Oil prices are still well below levels required to match supply and demand (without using reserves). Separately, media reports progress on a UK trade de
Signal over Noise: Will higher rates derail the equity rally?
After a week marked by rising bond yields and a steepening US yield curve, markets are weighing whether higher rates are a true signal or just noise for equities. We discuss why, despite the move in rates, the US equity bull market remains supported by strong global government spending, resilient consumer spending, and continued corporate investment in areas like AI. History shows that equity mark
Fixed Income Conversation Corner with Adam Bloch (Guggenheim) and Leslie Falconio (UBS CIO)
Our conversation outlines the current landscape for fixed income investors, and where to locate opportunity within the asset class. We also touch on an outlook for monetary policy, rates and the macro environment. Featured are Adam Bloch, Portfolio Manager with Guggenheim Investments, and Leslie Falconio, Head of Taxable Fixed Income Strategy Americas with the UBS Chief Investment Office.
UBS On-Air: Paul Donovan Daily Audio 'Saying stability without substance'
The China-US summit concluded. Much increasingly scarce jet fuel has been burned to produce nothing of real substance. China’s President Xi declared an agreement to keep trade ties stable. The two sides were unlikely to agree to anything different (no one would announce unstable trade ties). Stability is not a word that is normally associated with US trade policy over the past 15 months, lessening
UBS On-Air: Paul Donovan Daily Audio 'Resilience—economics 1, politics 0'
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
Credit Snapshot with UBS Asset Management
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
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