UBS On-Air: Market Moves Signal over Noise with Ulrike Hoffmann-Burchardi
Oct 27, 2025
Ulrike Hoffmann-Burchardi dives into key market themes shaping the week, highlighting strong corporate earnings signaling a recovering U.S. economy. She discusses factors boosting growth into early 2026, including anticipated rate cuts and fiscal stimulus. The conversation shifts to disinflationary forces at play, such as easing tariffs and cooling wage growth. The impact of AI on market dynamics is explored, as it transforms industry winners and losers. Insights on major tech earnings from giants like Microsoft and Apple add to the intrigue.
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Earnings And CPI Signal Reacceleration
- Strong Q3 earnings and a softer CPI signal an improving U.S. macro picture.
- If trends persist, UBS forecasts 11% earnings growth and re-accelerating GDP.
Position For Imminent Fed Cuts
- Expect a 25 basis point Fed cut this Wednesday and plan accordingly.
- UBS calls for two more cuts in December and Q1 to follow.
Three Forces Driving Disinflation
- Three disinflationary forces should ease inflation into next year: tariffs, shelter, and wages.
- These forces support a durable downtrend in inflation despite near-term GDP strength.