UBS On-Air: Market Moves House Call: Talking Equity Markets with UBS Asset Management
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Oct 18, 2025 Jeff Hans, Senior Portfolio Manager at UBS Asset Management, shares his insights on US equity markets and the effects of Fed rate cuts. He discusses how gradual rate cuts can buoy stocks and highlights the value of diversifying into value stocks for growth potential. Jeff emphasizes the financial sector's appeal, citing banks' strong fundamentals and favorable regulatory conditions. He also explores the defensive advantages of value investing, focusing on dividend yields and reduced volatility. Overall, a deep dive into market dynamics awaits!
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Macro And Earnings Power Stocks
- The S&P is up ~14% YTD driven by tariff policy, fiscal stimulus, Fed moves, and ~10% earnings growth this year.
- Healthy earnings and constructive macro conditions can sustain further gains despite high valuations.
Tariffs Rising But Not Recessionary
- Tariff policy has increased prices for some goods, but UBS hasn't yet seen large macro slowdown effects.
- Effective tariff rates in the mid-to-high teens likely won't cause a meaningful recession given offsets.
Fiscal Measures To Boost Business Spending
- Fiscal stimulus (R&D tax credits, bonus depreciation) should boost business spending and support growth into 2026.
- These measures could drive a material uptick in corporate investment and economic activity.