UBS On-Air: Market Moves House Call: Talking Equity Markets with UBS Asset Management
Dec 3, 2025
Join Jeremy Zirin, a Senior Portfolio Manager at UBS Asset Management, as he dives into the intriguing world of U.S. equities. He discusses recent market volatility stemming from tariff uncertainties and a data vacuum due to the government shutdown. Jeremy highlights strong Q3 earnings, particularly in tech and financials, while addressing the pending Fed meeting's impact on rate cuts. He forecasts modest GDP growth and offers insights on portfolio positioning, emphasizing opportunities in AI and defensives like pharma.
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Volatility Driven By Data Gaps And Trade Uncertainty
- Market choppiness recently reflects data gaps, tariff uncertainty, and AI-related consolidation rather than a severe sell-off.
- Investors show more concern about the economy than about an AI bubble, with defensives outperforming cyclicals.
Earnings Momentum Remains Solid
- Q3 earnings were strong with S&P revenue growth accelerating and EPS around +12% year-on-year.
- Tech led with 22% earnings growth while energy was the only sector with falling earnings.
Prepare For A Close Fed Decision
- Expect the December 10th Fed decision to be a close call and prepare for either a pause or a cut.
- Position for accommodative policy as the Fed likely cuts 50–75 basis points over the next 6–9 months.