UBS On-Air: Market Moves UBS On-Air: Paul Donovan Daily Audio 'Wars and trade wars'
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Aug 18, 2025 Muted market reactions follow events in Alaska, with the Russia-Ukraine conflict showing few significant financial outcomes. The unpredictable nature of US trade policy complicates international dynamics, particularly for Europe and China. Trade taxes are driving changes in car prices and reshaping the economy, drawing attention away from the housing market. The complexities of these geopolitical and trade factors reveal the intricate links that determine market behavior.
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Alaska Meeting Likely Market-Quiet
- Market reactions to the Alaska meeting are likely to be muted in the short term.
- Paul Donovan argues the Russia-Ukraine war currently lacks market-significant outcomes.
Policy Volatility Undermines Certainty
- President Trump's approach mirrors aspects of President Putin's stance right now.
- Donovan warns policy volatility makes future direction uncertain for investors.
Trade Data Distorted By US Policy Chaos
- European trade data for June is unlikely to move markets materially.
- Donovan notes US trade policy chaos has distorted timing and patterns of imports.