UBS On-Air: Market Moves

In this engaging discussion, Jeremy Zirin, a Senior Portfolio Manager at UBS Asset Management, shares insights on the performance of the US equity markets, highlighting impressive gains of over 25% for the S&P 500. He delves into the challenges posed by rising interest rates and their impact on sensitive sectors, while also discussing the risks of market concentration among top stocks. Additionally, Zirin evaluates how the upcoming administration's policies could shape market dynamics, balancing growth initiatives with potential trade and fiscal concerns.

UK government borrowing experienced a notable rise in December, driven by surging interest payments on inflation-linked debt. The connection between rising energy prices and government policy was a key discussion point. The podcast also delves into the implications of US tariff proposals and their potential impacts on inflation and public sector borrowing. Additionally, the effects of infrastructure funding freezes were analyzed, highlighting the complex interplay of economics and policy.

As President Trump’s second term is now underway, Jason performs a “fit check” assessment of the US economy and markets. Tune in for the takeaways, along with CIO’s positioning views and investment outlook. Featured is Jason Draho, Head of Asset Allocation Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Amid the woes, where are the opportunities in Europe’s car industry? President-elect Trump has threatened to slap higher tariffs on European carmakers, Chinese competition is intensifying, and demand for autos in Europe is flagging. But it’s not all bad news for investors. Featured is Rolf Ganter, Head, CIO Equities Europe, with co-hosts, Christopher Swann and Belinda Peeters

South Korea’s trade data for the first 20 days of January showed a decline in exports—there were more holidays this year than last, affecting the data. Chip exports remain strong, but exports to the US, EU, and China all declined.

Will Trump's policy changes lead to near-term market volatility? Can earnings season stay solid amid anticipated market volatility? Will the Bank of Japan resume its rate hiking cycle this week? CIO's Belinda Peeters brings you the latest on this week's market themes.

Hear from top portfolio managers and business heads from UBS Asset Management’s Muni, Taxable Fixed Income, and Liquidity teams. They share views on the markets and what they believe you should be focused on within the fixed income space.

German December producer price inflation is due. This is not normally a major market concern, but as trade taxes and relative competitiveness become more of an issue, this is something investors might pay more attention to. German producer prices moved out of deflation in November.

US Treasury Secretary-nominee Bessent is a more orthodox cabinet nominee. Yesterday’s confirmation hearings saw generally articulate answers. The responses on trade taxes were troubling. Bessent’s idea that an appreciating currency offsets tariffs is not supported by recent evidence. The idea that US workers will not pay trade taxes is wrong. As he’s an intelligent individual, these views may reflect the beliefs of the incoming administration, not Bessent’s understanding.

Our first conversation of the year begins with thoughts around the recent rise in yields, along with where pockets of vulnerability and opportunity exist within fixed income as we enter 2025. Leslie and Ken also spend time sharing their overall outlooks, along with views when it comes to monetary policy, and positioning across the asset class. Featured is Ken Shinoda, Portfolio Manager for RMBS at DoubleLine Capital, and Leslie Falconio, Head of Taxable Fixed Income Strategy Americas with the UBS Chief Investment Office. Host: Daniel Cassidy