UBS On-Air: Market Moves

Epizody

• House Call: Talking Equity Markets with UBS Asset Management 21.07.2026 20min

  Join Jeremy Zirin, Senior Portfolio Manager of the House View Equity Portfolios and Head of the Private Client US Equity Team with UBS Asset Management, as he shares a performance update for US equities. Host: Dominic Schagar, Senior Equity Investment Specialist. Recorded on 15.07.26
• UBS On-Air: Paul Donovan Daily Audio 'Sound and fury' 21.07.2026 2min

  US President Trump threatened to impose a 50% tariff on US importers of products from Canada, without exempting products covered by the latest iteration of the NAFTA trade deal. If implemented, the tax would probably push up US consumer prices quite quickly. However, markets offered a muted response—the Canadian dollar and US inflation-linked bonds remaining relatively calm. Investors seem inclined to discount or dismiss such threats.
• Top of the Morning: The AI Economy - A roadmap 20.07.2026 15min

  As investors now operate within the AI economy, Jason Draho, Head of Asset Allocation Americas and Paul Hsiao, Senior Asset Allocation Strategist Americas, from the UBS Chief Investment Office, join to share a framework on how to navigate it. We also discuss how to assess the economic impacts of AI, along with a look at portfolio construction through an AI lens. Host: Daniel Cassidy
• Signal over Noise: Why the semiconductor pullback does not mean an AI glut 20.07.2026 6min

  Semiconductors have seen a drop over the past month, raising the question of whether markets are starting to price in a real AI glut or simply reassessing a powerful rally. This episode explores why AI demand may prove more resilient than the recent sell-off suggests, where the real constraints are emerging across the infrastructure stack, and what that could mean for semiconductor stocks from here.
• UBS On-Air: Paul Donovan Daily Audio 'More violence, same response' 20.07.2026 2min

  Violence has reignited in the Gulf, with Iran firing ballistic missiles at US military bases. Crude oil futures responded; Brent rose to over USD 90 per barrel. Of more political focus, Saturday’s US gasoline prices averaged almost USD 4 per US gallon. The geopolitical focus is whether the Red Sea route (taking about 7% of global oil supply) is attacked by Iranian allies.
• Washington Weekly Podcast: SCOTUS testimony, Confirmation hearings, US-Iran 17.07.2026 12min

  Following a busy week up on Capitol Hill, Shane reflects on the testimonies of Supreme Court Justices Elena Kagan and Amy Coney Barrett before the House Appropriations Committee, along with the Senate confirmation hearings of three Trump administrations nominees. Plus, an update on the US-Iran conflict as military strikes remain ongoing. Featured is Shane Lieberman, Senior Governmental Affairs Advisors, Governmental Affairs US. Host: Daniel Cassidy
• Top of the Morning: CIO Equity Pulse - Monthly performance update & outlook 17.07.2026 17min

  Join David Lefkowitz, Head of Equities Americas, each month for a look at the factors that are driving performance across US equities. We also cover risk considerations, thematic focuses, and positioning recommendations from the UBS Chief Investment Office (as outlined within the latest UBS House View). This month, David updates on the three bull market growth drivers, shares expectations for the Q2 corporate earnings season, reviews positioning preferences and risk considerations. Plus, a look at performance of non-US equity markets. Host: Daniel Cassidy
• UBS On-Air: Paul Donovan Daily Audio 'The politics of price expectations' 17.07.2026 3min

  US Michigan consumer sentiment data is a weak economic signal. It does have political punch, via the inflation expectations measure. Consumers focus on the price of frequent purchases (food and fuel), and tend to fixate on the price level. Most consumers will have a “fair” price in mind as a reference, and for gasoline prices that is probably around USD 2.50 per US gallon. Gasoline remains well above that level—off its highs, but having risen recently.
• Across the Pond: From conflict to compromise - What a Middle East deal could mean for markets 16.07.2026 24min

  Hostilities in the Middle East have flared up again, disrupting shipping and renewing concerns about energy prices, inflation, and global growth. But both the US and Iran still have powerful economic and political incentives to avoid a return to all-out war. Why does diplomacy remain the most likely endgame - and what could a lasting agreement mean for investors? In the latest episode of Across the Pond, hosts Christopher Swann and Belinda Ulander are joined by UBS Global Chief Economist Paul Donovan to explore the implications for US markets, Europe’s energy-sensitive economy, and opportunities across Asia and beyond.
• Top of the Morning: Life insurance as part of a broader legacy plan 15.07.2026 14min

  Traditional IRAs can be powerful retirement savings vehicles, but they may not always be the most tax-efficient asset for beneficiaries to inherit. Ainsley Carbone and Justin Waring join to discuss one strategy that may help address that challenge - using IRA distributions to fund life insurance as part of a broader legacy plan. Host: Daniel Cassidy
• UBS On-Air: Paul Donovan Daily Audio 'Prices and productivity' 15.07.2026 3min

  Federal Reserve Chair Warsh testified to Congress—at times sounding like a Bundesbank member, with a vehement denunciation of inflation. Warsh was keen to say the Fed was solely responsible for inflation—that is challenged by Fed research ascribing roughly 1ppt of last year’s inflation to US tariffs. Warsh also displayed a troubling fascination with the productivity pixie of artificial intelligence—technology is not a reliable driver of macroeconomic productivity, and believing that might result in policy mistakes.
• Top of the Morning: Summer rally setup for preferreds 14.07.2026 9min

  Frank drops by for a performance update and outlook for the preferreds market, including a look at positioning considerations and recommendations, and what to be mindful of when it comes to the interest rate environment. Featured is Frank Sileo, Senior Fixed Income Strategist Americas, UBS Chief Investment Office. Host: Daniel Cassidy
• UBS On-Air: Paul Donovan Daily Audio 'Free or fee' 14.07.2026 2min

  US President Trump had declared the Strait of Hormuz open for free. Now Trump has declared it open for a 20% fee. Shipping data suggests there was less-than-universal belief in free safe passage through Hormuz on Monday. It is unlikely ships will go full steam ahead to take the same risks while paying a high tax. A 20% fee would be about 15 times the mooted Iranian charge, and (as a proportionate tax) would exaggerate future oil price moves.
• Top of the Morning: CIO Strategy Snapshot - Summer check-up 13.07.2026 17min

  Jason rejoins to weigh in on recent market activity and drivers, spanning geopolitics, to the Fed, to macro data. Plus, thoughts on this week’s key inflation data, Congressional testimony from Fed Chair Kevin Warsh, the beginning of the Q2 corporate earnings season, and more. We end with guidance around portfolio positioning in consideration of all these factors. Featured is Jason Draho, Head of Asset Allocation Americas, UBS Chief Investment Office. Host: Daniel Cassidy
• UBS On-Air: Paul Donovan Daily Audio 'Here we go again' 13.07.2026 2min

  The US declared the Strait of Hormuz open. Iran declared the Strait of Hormuz closed. Investors have responded with a muted reaction. Oil prices are up, but not in an economically meaningful way. Shipping traffic volumes seem to give more credibility to the Iranian version, but investors’ optimism bias remains. There is an assumption that the political pain of gasoline prices in the US (which have risen again recently) will justify expectations that the current situation will be resolved.
• Signal over Noise: Beyond the IPO: Five signals of long-term success 13.07.2026 6min

  This episode explores what drives the variation in IPO performance. Drawing on 45 years of post-IPO data, it examines what separates the small group of major wealth-creating IPOs from the average new listing, which often disappoints. It highlights five signals that have historically helped identify stronger performers and considers how these characteristics can help investors assess where long-term value is most likely to emerge.
• Washington Weekly Podcast: US-Iran, NATO summit, Congress 09.07.2026 12min

  Shane drops by for a timely update on renewed strikes between the US and Iran, and how the conflict might evolve from here. We also touch on takeaways from this week’s annual NATO summit, and look at where Congress stands on the SAVE America Act. Featured is Shane Lieberman, Senior Governmental Affairs Advisor, Governmental Affairs US. Host: Daniel Cassidy
• UBS On-Air: Paul Donovan Daily Audio 'Could go up, could go down' 09.07.2026 3min

  Fresh US-Iran hostilities pushed oil prices higher, to levels experienced when the memorandum of misunderstanding was signed (10% above pre-war levels). Markets question the strength of the US position, allowing the optimism bias to cling on. Global behavior adapted during the war, mitigating the economic damage of renewed hostilities.
• Across the Pond: UK politics in flux 08.07.2026 20min

  The UK is once again in the spotlight, with another leadership transition as Keir Starmer steps down less than two years after winning a substantial majority and Andy Burnham emerges as the clear frontrunner. But with this being the seventh prime minister in a decade, questions are mounting about what’s driving this constant leadership turnover, how Brexit continues to shape the party system, and what it means for the UK’s policy direction. In this episode of Across the Pond, hosts Belinda Ulander and Christopher Swann are joined by Dean Turner, UK Economist at UBS, to discuss the underlying trends in British politics, what we know about Burnham’s agenda, as well as the implications for central bank policy, bond markets, sterling, and UK equities.
• Top of the Morning: Legislative roundup, Midterm elections, & America 250 08.07.2026 28min

  Kurt and Shane rejoin for a timely roundup of DC-related topics, including an inventory of legislative focuses of Congress (including a look at what may be achieved ahead of the summer recess), potential outcome scenarios of the US midterm elections in November (and what the markets are focusing on). Plus, reflections America 250 celebrations and American innovations over the course of its 250-year history. Featured are Kurt Reiman, Head of Fixed Income Americas from the UBS Chief Investment Office, & Shane Lieberman, Senior Governmental Affairs Advisors, Governmental Affairs US.