Global Equity Strategy Feedback From Asia

This report summarizes feedback from UBS's recent Asian investor trip, highlighting optimism in equity markets, a focus on the AI trade, and skepticism regarding the sustainability of current bond yield trends.

Key Takeaways

• 1.Clients in Asia are generally positive on equities but maintain structural bearish views on the USD.
• 2.There is a consensus view that investors are currently in a bubble-like environment for Gen AI enablers, analogous to 1998/1999 rather than 2000.
• 3.Semiconductors are a primary focus; while valuations are high, investors are concerned about capacity constraints, particularly with TSMC.

Table of Contents

• Macro and asset allocation
• Regions
• Style and sectors
• Tech... it is all about semis