UBS On-Air: Market Moves

Latest Episodes:

How should I be positioned? with Richard Bernstein (RBA) and Jason Draho (UBS CIO) Jun 04, 2025

Show notes

Rich rejoins the conversation with Jason to exchange thoughts around the evolution of US trade policy, the current market environment, the health of the US economy, and portfolio positioning recommendations. Featured are Jason Draho, Head of Asset Allocation Americas with the UBS Chief Investment Office, and Richard Bernstein, Founder, Chief Executive Officer and Chief Investment Officer of Richard Bernstein Advisors (RBA). Host: Daniel Cassidy

UBS On-Air: Paul Donovan Daily Audio 'Beauty is in the eye of the beholder' Jun 04, 2025

Show notes

US President Trump’s mega-donor Musk was strongly critical of the “big, beautiful bill” currently before Congress. The bill contains many things markets are worried about. Musk’s opposition may embolden some Republican senators to oppose parts of the bill (Musk has more money than Trump, but their recent political forays have not been universally successful).

Top of the Morning: CIO Strategy Snapshot - Waiting for an inflection Jun 03, 2025

Show notes

May was a good month for the markets, though there are many questions that investors are asking as we enter June, such as the fate of tariffs, the outcome of trade negotiations, the status of the One Big Beautiful Bill, and what impact the tariffs will have on the economy. Jason Draho, Head of Asset Allocation Americas, from the UBS Chief Investment Office, weighs in on those questions, along with shares guidance when it comes to positioning for the current environment. Host: Shiavon Chatman

UBS On-Air: Paul Donovan Daily Audio 'Talking in a trade war' Jun 03, 2025

Show notes

Reports in Washington suggest US President Trump may talk directly with China’s President Xi later this week (after several days of more heated rhetoric between the US and China over trade). As Trump has been anxious for the call, and China has not, this may hint at more US retreats over trade taxes as a concession to bring China to the telephone.

UBS On-Air: Paul Donovan Daily Audio 'No Trump retreat yet' Jun 02, 2025

Show notes

US President Trump doubled taxes on US consumers of imported steel on Friday, and (so far) has not retreated from that tax increase. Trump reacted angrily when confronted with the Financial Times acronym “TACO”, and the implication that markets expect Trump to reverse policy rapidly. Investors may worry that Trump persists with these taxes, not because of some economic objective but instead as an emotional reaction to market perceptions of their negotiating stance.

Top of the Morning: The week in review and preview May 30, 2025

Show notes

We close out the trading week by reviewing the latest developments surrounding US trade policy, recapping notable macro data releases (including a look at the FOMC meeting minutes) - plus, a preview of the week ahead. Featured is Mike Gourd, Asset Allocation Strategist Americas, UBS Chief Investment Office. Host: Shiavon Chatman

UBS On-Air: Paul Donovan Daily Audio 'More uncertainty in an uncertain world' May 30, 2025

Show notes

There is yet more uncertainty in the US economy. US President Trump appealed the ruling that their trade taxes were illegal. While this is decided, the taxes stay. There are thus three layers of uncertainty. Will the taxes survive? If they are illegal, will US companies and consumers get refunds? And are trade taxes today actually being collected? There is also uncertainty around how US companies will react to this uncertainty, especially with pricing.

Across the Pond: Trump’s trade rollercoaster May 29, 2025

Show notes

There has been no letup in the trade drama, with a US federal court striking down much of President Trump’s recent tariff hikes. That followed a sudden pivot in trade talks with the European Union - with the threat of a 50% tariff to an acceleration of negotiations all within the space of a few days. So what have we learnt about Trump’s strategy? What does this all mean for the EU and Switzerland? And where do we see the safest investment opportunities across the pond? Hear perspective from Dean Turner, CIO Eurozone and UK Economist. Co-hosts: Christopher Swann and Belinda Peeters.

Top of the Morning: Tariffs, the dollar, and diversification May 29, 2025

Show notes

A timely review of overnight trade developments, plus a look at positioning recommendations within EM equities, and thoughts on the dollar. We also touch on how investors can position using EM and international equities in the context of portfolio diversification. Featured is Xingchen Yu, Emerging Markets Strategist Americas. Host: Daniel Cassidy

UBS On-Air: Paul Donovan Daily Audio 'No reset to factory settings' May 29, 2025

Show notes

The US trade court ruled that about half of US President Trump’s trade tax increases are illegal. Markets reacted positively, but the US has not been reset to its factory settings.

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