UBS On-Air: Market Moves

China and the US agreed to lower tariffs on USD 30bn of each other’s products. China’s consumers will pay lower taxes when buying camels from the US. US anglers face lower taxes when buying fishhooks from China. The amounts involved are small—USD 30bn represents around two months of the tariff avoidance implied by a comparison of US and China trade data.

AI is advancing quickly, but turning that progress into profits depends on more than better models, with infrastructure availability and business adoption increasingly shaping the investment outlook. This episode explores why strong demand alone may not determine the leaders, how bottlenecks could redirect spending, and where we see the largest opportunities across compute, power, and applications.

A fireside chat featuring Jeffrey Gundlach, Chief Executive Officer, Chief Investment Officer and Founder of DoubleLine Capital, hosted by Solita Marcelli, UBS Global Head of Investment Management, which covers the current market and macro environment, including thoughts on the US economy, the Fed, and positioning across asset classes.

On this week’s episode, we catch up with Burkhard following his recent visit to Uganda and Ghana as he shares how economic and business development and investment is influencing Accra’s rapidly evolving landscape.

US Treasury Secretary “House” Bessent faces something of a housing problem. Despite Bessent’s efforts, US mortgage rates rose above 7% yesterday. The exact level is not important (except to the media, ever enraptured by round numbers). The increase erodes the spending power of new homeowners—and critically does so in a way that real income data does not capture. Inflation figures use a fictional housing cost measure, which hides the damage higher mortgage rates might do.