The Bulletin with UBS

While the US dollar has been the dominant – but not the only – reserve currency since 1947, its role has been eroded as other currencies have gained market share. UBS’s Paul Donovan explains what might happen next.See omnystudio.com/listener for privacy information.

The ninth annual Art Basel and UBS Global Art Market Report, compiled by Dr Clare McAndrew of Arts Economics, provides a comprehensive, macroeconomic analysis of the state of the global art market in the past year. It examines the industry’s various segments, including galleries, dealers, auction houses and art fairs, and assesses their performance against the backdrop of changes in global economics and wealth. We hear from McAndrew, Art Basel CEO, Noah Horowitz, and Paul Donovan of UBS. See omnystudio.com/listener for privacy information.

Donald Trump’s tariffs amount to a generational shift in US economic policy, with the measures bringing the effective tariff rate on imports into the US to its highest level in at least 100 years. Markets have since been digesting the fallout, with equities dropping sharply, bonds and gold rallying, and the US dollar depreciating against most major currencies. We’re joined by Kurt Reiman, head of fixed income at UBS in New York, to consider the outlook from here, discuss the effects on economies and markets, and ponder – as ever – what smart investors should do.See omnystudio.com/listener for privacy information.

We are joined by the authors of a new UBS report that takes a detailed look at the state of women in the world, gauging gender-equality progress thus far and seeking to understand the remaining barriers. “Gender-Lens Investment: The State of Women in 2025” explores how investors can continue to intentionally align their capital in ways that dislodge the barriers that women face and promote the realisation of their full potential. Amantia Muhedini and Antonia Sariyska of the UBS Global Wealth Management CIO join to discuss.See omnystudio.com/listener for privacy information.

Gold prices soared to another all-time high this week, breaking through the $3,000 per ounce barrier. With the price having reached UBS Global Wealth Management CIO’s long-held target, can it continue to rally? Wayne Gordon, managing director in the UBS CIO in Singapore, joins us to discuss what’s next. See omnystudio.com/listener for privacy information.

This annual guide to historical long-run returns is put together by UBS Investment Bank and UBS Global Wealth Management’s Chief Investment Office, in partnership with Professor Paul Marsh and Dr Mike Staunton of the London Business School and Professor Elroy Dimson of the University of Cambridge. The latest edition explores how 125 years of historical data can provide crucial insights for the future. Featuring Marsh, Kiran Ganesh and Tim Ramskill.See omnystudio.com/listener for privacy information.

Sam Adams, an economist for UBS in London, shares insights on Germany's shifting political landscape. He discusses the new Chancellor Friedrich Merz's ambitious defense and infrastructure spending plans and their potential boost to investor confidence. The conversation highlights the evolving pro-growth policies in German equity markets and explores how these changes may impact economic relations with trading partners. Adams also emphasizes the increased focus on small and mid-cap stocks as investment opportunities in this new environment.

To mark International Women’s Day, we hear from four inspirational female leaders in finance. They discuss gender-lens investing, the rise of female-controlled wealth and its effects on broader economics, and the challenges facing female founders seeking to raise capital. Featuring (above left to right) Anouk Hilti-Zingg of Assarée; Julia Rees Toader of independent portfolio advisory firm Princes Capital; Lu Zhang, founder and managing partner of Fusion Fund; and Ana Mahony, CEO of Addition Wealth.See omnystudio.com/listener for privacy information.

A focus on long-term structural developments influenced by technological advancement, resource scarcity and societal changes. We discuss the topics of security and safety with UBS Global Wealth Management equity analyst Achille Monnet, and head of longer-term investment themes, Alexander Stiehler. See omnystudio.com/listener for privacy information.

When looking at trade between two countries, the value of exports should be lower than the value of imports. In recent years the value of China’s exports to the US has exceeded the value of US imports from China. Why is this happening? As UBS Global Wealth Management chief economist Paul Donovan explains, this doesn’t necessarily mean that there’s a ‘Bermuda Triangle’ affecting US-bound Chinese cargo vessels.See omnystudio.com/listener for privacy information.