UBS On-Air: Market Moves

Iran struck tankers attempting to traverse the Strait of Hormuz, potentially undermining shipowners’ confidence in US protection. The Houthi struck at tankers in the Red Sea—this has always been a key area of vulnerability. Investors are likely to look for US conciliation as a de-escalation signal, and absent that have pushed oil prices higher.

Following the outperformance of munis during 1H26 relative to other US fixed income assets, Sudip and Jeannine join to share performance expectations for the balance of the year, and share how to think about positioning. Featured are Sudip Mukherjee, Senior Fixed Income Strategist Americas, and Jeannine Lennon, Senior Municipal Strategist Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Inside Washington DC the current focus seems to be trade tariffs, although the affordability crisis continues to be the focus in the wider economy. US President Trump suggested US consumers of imported generic pharmaceuticals would have to pay a 100% tariff from August 2027, and 200% from August 2029. The US has notably higher health care costs relative to developed European economies, and such a cost would add further to US prices.

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

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.