UBS On-Air: Market Moves

This edition of UBS Election Watch looks beyond Washington precisely because that is usually where most of the attention is focused during midterm elections. Often overlooked is the impact of US elections on other countries and the impact of state and local elections on US policy. Kurt Reiman, Head of Fixed Income Americas with the UBS Chief Investment Office, and Shane Lieberman, Senior Governmental Affairs Advisors with Governmental Affairs US, discuss the scope of impact, along with the latest outcome scenarios. Host: Daniel Cassidy

Chip manufacturers have been experiencing equity price volatility after Broadcom’s chief executive drew “casino” parallels. (US Treasury Secretary “House” Bessent has already demonstrated the danger of making that analogy). The global economic impact of this noise is not that significant—although it may matter for the South Korean and Taiwanese economies.

Following what was a relatively quiet week for investors, the weeks ahead promise to deliver much for investors to digest - spanning Q3 corporate earnings, September inflation and retail sales data, and more. All of this while risk factors such as higher rates and oil prices remain top of mind for investors. Jason Draho, Head of Asset Allocation Americas from the UBS Chief Investment Office, discusses these factors and how to think about positioning your portfolio. Host: Daniel Cassidy

A lot happened around the oil market: US president Trump announced a deal with Russian President Putin to buy Russian diesel; the Houthis attacked Riyadh airport in Saudi Arabia; Trump announced an “energy ceasefire” between Russia and Ukraine; Russia subsequently attacked Ukraine energy facilities; the US reportedly threatened to stop arms sales to Ukraine if they attacked Russian energy facilities.

Over the past few years, markets have looked beyond a shifting economic backdrop and focused on the prospect of exceptional earnings growth. This episode explores why AI investment has become a key driver of corporate profits, how private capital is fueling demand for compute, and whether the current earnings outlook can be sustained.