UBS On-Air: Market Moves House Call: Talking Equity Markets with UBS Asset Management
Aug 8, 2025
Jeremy Zirin, a Senior Portfolio Manager at UBS Asset Management, provides valuable insights on the performance and outlook for US equities. He discusses the recent rebound of the equity markets driven by strong economic data, despite consumer sentiment fluctuations. The conversation dives into the resilient consumer spending and the bullish view on artificial intelligence’s impact on the economy. Zirin also emphasizes the importance of diversifying investment strategies, particularly within the financial sector, amidst current economic uncertainties.
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Why Stocks Rebounded Fast
- Stocks rallied 24% from the April low through Q2 on relief over tariffs, resilient data, earnings, and mega-cap leadership.
- Jeremy Zirin says four primary factors explain the unexpected strong rebound.
Tariff Delays Temper Worst-Case Fears
- Reciprocal tariff implementations were delayed, shifting investor expectations from worst-case high tariffs to negotiated deals.
- Jeremy Zirin notes markets have been relieved by delays and now expect bilateral negotiations rather than immediate 25–30% tariffs.
Hard Data Shows Economic Resilience
- Hard data shows resilience: nonfarm payrolls averaged ~130,000 monthly and retail sales grew around 3–5% year-on-year.
- Jeremy Zirin says this combination of resilient growth and moderating inflation is equity-friendly.