UBS On-Air: Market Moves

UBS On-Air: Paul Donovan Daily Audio 'War and trade war costs' 02.06.2026 2分

Another day, another round of Gulf war stories—the latest originated from semi-official Iranian sources, so markets took them more seriously. Iran’s apparent suspension of negotiations with the US prompted US President Trump to attempt a ceasefire between Israel and Hezbollah. Market opinions differ as to the terms and effectiveness of this.

Top of the Morning: CIO Strategy Snapshot - What’s driving market performance? 01.06.2026 18分

June has commenced and summer is just around the corner. US equities however have not waited for summer to heat up, as the S&P 500 last week completed its ninth straight positive week. There exists however concern that this rally is overdone and at risk of a pullback. Jason Draho, Head of Asset Allocation Americas, reflects on current market conditions, drivers and provides an investment outlook. Host: Daniel Cassidy

UBS On-Air: Paul Donovan Daily Audio 'Managing a “no deal” world' 01.06.2026 2分

Oil prices have edged higher on the lack of any discernible progress toward an Iran-US agreement. As with reports of an imminent deal last week, the reaction is muted. A jaded cynicism has come over investors, and in the absence of a definite statement from Iran there is a tendency to downplay comments from the US administration.

Signal over Noise: What history tells us about the next market leaders 01.06.2026 5分

Every technology shift redraws the market leaderboard. From mainframe to PC, to internet and mobile, history shows it is not only about what stocks to own, but also what stocks not to own. Incumbents rarely win the next era, while profits shift to platforms and networks built on top of the hardware layer. In AI, companies fastest to reach platform mode, combining intelligence and application layers, are likely to define the next generation of market leaders.

Talking Markets Podcast (Gold) with Aakash Doshi of State Street Investment Management 29.05.2026 10分

Aakash Doshi, Head of Gold Strategy at State Street Investment Management, drops by the Talking Markets Podcast to outline the investment case for gold against a backdrop of geopolitical uncertainty. Aakash weighs in on price volatility, how he sees gold demand evolving, and how the structural factors that supported the gold market run in recent years have been impacted by recent geopolitical risk factors. Host: Daniel Cassidy

UBS On-Air: Paul Donovan Daily Audio 'Extending the “ceasefire”' 29.05.2026 2分

Energy markets gave a cautious response to reports the US and Iran may extend the terms of the “ceasefire”. Key approvals are missing—US President Trump wishes to think about it, which will take a couple of days. Market caution also reflects the more muted tone from the Iranian side. Energy markets need to consider a post-war environment—how quickly production normalizes, what damage must be repaired, and what a newly empowered Iran means.

Talking Markets Podcast (AI Tech Tour takeaways) with Tony Kim of BlackRock 28.05.2026 31分

Tony Kim, Head of the Global Technology Team within the Fundamental Equities division of BlackRock’s Portfolio Management Group, drops by the Talking Markets Podcast to reflect on a recent two-week Asia Tech Tour, where he met with over 40 companies across the AI stack. Tony shares what stood out most from those conversations, and shares how he is framing the opportunity and timing for another emerging tech theme, quantum computing. Host: Daniel Cassidy

UBS On-Air: Paul Donovan Daily Audio 'Firing, not ceasing' 28.05.2026 3分

In the past day, the US fired on Iran, Iran fired on Kuwait, Israel fired on Lebanon, US President Trump threatened to “blow up” Oman. The US administration says the ceasefire (sic) is holding. Market reactions have been negative but muted. Investors are eyeing US domestic political pressures as grounds for expecting a resolution, in spite of Trump’s denials. Trump’s approval rating hit a new low in a recent opinion poll, and the administration is being directly blamed for higher prices.

CIO Fixed Income Roundtable Podcast Series - 2Q26 update and outlook 27.05.2026 34分

Hear from members of the UBS Chief Investment Office fixed income team as they provide a performance and positioning update across fixed income sub-sectors. Featured are Leslie Falconio, Head of Taxable Fixed Income Strategy Americas, along with Senior Fixed Income Strategists Letty Zemaitis, Frank Sileo, Sudip Mukherjee & Barry McAlinden, from the UBS Chief Investment Office.

UBS On-Air: Paul Donovan Daily Audio 'Idle speculation' 27.05.2026 2分

The embarrassing lack of economic information leaves markets prey to idle speculation, rather than the pure and objective guidance that economists can offer. Yesterday’s exchange of fire between Iran and the US has not had a major market impact—it fits with Iran’s narrative on negotiations (which is what markets have priced), and keeps the optimism bias more or less intact.

Top of the Morning: CIO Equity Pulse - Monthly performance update & outlook 26.05.2026 18分

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 explains CIO’s continued positive outlook for US equities, along with updates to S&P 500 price targets and earnings estimates. Plus, a review and risk considerations, spanning geopolitical factors and interest rate movement. Host: Daniel Cassidy

UBS On-Air: Paul Donovan Daily Audio 'Looking for consequences' 26.05.2026 2分

US air strikes against Iran seem to confirm the Iranian view of negotiations to end the war. Investors had tended to focus on Iran’s perspective rather than the view set out in US President Trump’s social media posts, so the strikes have generated only a muted market response.

UBS On-Air: Paul Donovan Daily Audio 'The bias to optimism reasserts itself' 25.05.2026 2分

Iran confirmed progress in talks with the US, lending credibility to US President Trump’s weekend social media posts. A deal still seems some way off, but progress is enough to fuel markets’ inherent bias to optimism and oil prices have fallen. Reopening Hormuz would not return oil prices to pre-war levels. However, the impact of any Iranian tariff on tankers using the strait (probably around USD 2 million per shipment) would be an economic rounding error for global inflation.

How should I be positioned? with Joe Davis (Vanguard) and Jason Draho (UBS CIO) 22.05.2026 27分

Joe Davis is the Global Chief Economist and Global Head of the Investment Strategy Group at Vanguard. Joe joined Jason Draho, UBS CIO Head of Asset Allocation Americas, at the 1285 podcast studio to exchange views on a range of topics, including how the current geopolitical landscape is impacting markets, the road ahead for monetary policy, how artificial intelligence is shaping innovation and the investment landscape, and other mega-trends top of mind for investors. Host: Bryan Contreras

UBS On-Air: Paul Donovan Daily Audio 'Sense or sentimentality?' 22.05.2026 3分

UK consumer sentiment improved on the latest reading; but since the financial crisis, sentiment and reality have not been too closely aligned. UK April retail sales were weaker, with a more-than-10% decline in auto fuel sales leading the weakness. UK consumers have options (walking, public transport, flexible working) that can slow fuel consumption when prices rise.

Sustainable Investing Perspectives: Investing with a gender-lens 21.05.2026 16分

Tiffany Agard, Strategist on the UBS Global Investment Management Sustainable and Impact investing team is joined by Preeti Sayana, Portfolio Manager with Fidelity Investments, for a discussion around advances in gender-lens investing, opportunities to advance gender equality, and how to leverage your investments as a means for achieving that advancement - referencing the 2026 Gender-lens investment report from UBS Global Investment Management. Host: Bryan Contreras

UBS On-Air: Paul Donovan Daily Audio 'Trickle or treat?' 21.05.2026 2分

News that Iran has allowed some ships to cross the Strait of Hormuz encouraged a modest drop in the oil price. The volume of oil exiting the Gulf is a fraction of pre-war levels, but allowing some flow might diminish physical shortages. Assuming Iran benefits economically, it also lessens pressures on Iran to deal with the US. In terms of the Wile E. Coyote trajectory, this implies the economy is still over the edge of the cliff, but might continue running through thin air for longer.

Top of the Morning: Election Watch - Unified government at a crossroads 20.05.2026 24分

As the US midterm elections draw closer, Kurt and Shane drop by to outline potential Election Day outcome scenarios, as well as the policy and market implications of them. Plus, we reflect on the recent summit in Beijing between President Trump and President Xi Jinping, along with the geopolitical and economic implications of the ongoing US-Iran War. Featured are Kurt Reiman, Head of Fixed Income Americas from the UBS Chief Investment Office, and Shane Lieberman, Senior Governmental Affairs Advisor, from Governmental Affairs US. Host: Daniel Cassidy

UBS On-Air: Paul Donovan Daily Audio 'Capping inflation' 20.05.2026 2分

Bond markets remain nervous about the Iran war (which potentially impacts inflation and fiscal deficits). Investors hope that market angst might encourage a US policy shift, as it did with tariffs. However, (at the time), tariffs were under US President Trump’s direct control and could be changed on a whim. Middle Eastern politics is a little more complex.

House Call: Talking Equity Markets with UBS Asset Management 19.05.2026 17分

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 29.04.26