UBS On-Air: Market Moves

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UBS On-Air: Paul Donovan Daily Audio 'Paying for government' Sep 29, 2025

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Current French Prime Minister Lecornu outlined their policy intentions, if they remain in power. A 4.7% GDP deficit target, no public holidays to be abolished, and no general wealth tax imposed—but tax justice is being talked of. This is likely to be a global trend. The great wealth transfer is underway, and governments with fiscal imbalances are likely to try to mobilize that wealth.

Signal over noise with Ulrike Hoffmann-Burchardi Sep 28, 2025

Show notes

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. This week – the September employment report, and a possible US government shutdown.

How should I be positioned? with Cliff Asness (AQR) and Jason Draho (UBS CIO) Sep 26, 2025

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Cliff joins Jason at the 1285 podcast studio in New York to cover a wide-range of topics, including the growing impacts of electronic trading to financial markets, along with how machine learning and artificial intelligence are influencing approaches to investing. Plus, thoughts on the state of more traditional portfolio strategies, and the current macroeconomic environment. Featured are Jason Draho, Head of Asset Allocation Americas, UBS Chief Investment Office, and Cliff Asness, Founder, Managing Principal and Chief Investment Officer at AQR Capital Management. Host: Daniel Cassidy

UBS On-Air: Paul Donovan Daily Audio 'National security vanities' Sep 26, 2025

Show notes

Social media posts from US President Trump overnight indicate a series of new trade tariffs. US buyers of foreign vanity units, soft furnishings, etc., as well as heavy trucks, and pharmaceuticals will be subject to new tariffs. The furniture tariffs, applied on national security grounds, are likely to have a muted impact. These are not high frequency purchases (lowering price awareness). Prices have already risen following earlier tariffs. Democrats appear to have redecorated early this year, presumably anticipating tariffs.

CIO Fixed Income Roundtable Series: Performance update & outlook Sep 25, 2025

Show notes

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, & Leticia Zemaitis, from the UBS Chief Investment Office.

UBS On-Air: Paul Donovan Daily Audio 'A US day today' Sep 25, 2025

Show notes

The US releases revised second quarter GDP data. The market consensus is for no change (given data quality problems, “no change” in the details may be unlikely). US growth has been distorted this year—export and inventory data swung wildly between the first and second quarters. Unfortunately, the fiction of annualization assumes that what happens in a quarter, however unique, is continually repeated. This exaggerates first quarter weakness and second quarter strength.

Meet Ulrike Hoffmann-Burchardi, CIO Americas and Global Head of Equities Sep 24, 2025

Show notes

On 1 July Ulrike Hoffmann-Burchardi assumed the role of Chief Investment Officer Americas, while continuing as Global Head of Equities for UBS Wealth Management. In a recent visit to the UBS On-Air podcast studio in New York, Ulrike outlined her vision for CIO Americas, discussed the evolution of artificial intelligence - including her experience in this space - and shared takeaways from her recent client conversations across the globe. Plus, we look at Ulrike’s career journey, and how she spends her time outside of the office. Host: Daniel Cassidy

UBS On-Air: Paul Donovan Daily Audio 'Adding uncertainty in uncertain times' Sep 24, 2025

Show notes

Yesterday saw some increase in macro uncertainty, in case investors thought the world was getting predictable. US President Trump’s comments on Ukraine, and on Russia presented a change of tone. That added some risk premium into the oil price. However, investors tend to be cautious about overreacting to such individual statements.

Top of the Morning: POTUS 47 - Banking on regulatory reform Sep 23, 2025

Show notes

We examine regulatory reforms being implemented by the Trump administration to the US banking sector, including a look at potential changes to capital requirements, along with implications for both fixed income and equity investors. Featured are Barry McAlinden, Senior Fixed Income Strategist Americas, & Jeff Harwood, Financials Equity Analyst Americas, UBS Chief Investment Office. Host: Daniel Cassidy

UBS On-Air: Paul Donovan Daily Audio 'Quite like old times' Sep 23, 2025

Show notes

Federal Reserve Chair Powell is to speak on the economic outlook at the Greater Providence Chamber of Commerce. The outlook is not likely to stray far from the tone of the last policy decision. Fed Governor Miran did stray quite a distance, suggesting rates were needed to be 2 percentage points lower (coincidentally, others outside the Fed have targeted that rate level). The consistency of Miran’s analysis might be challenged.

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