House View Monthly Extended

UBS maintains an Attractive rating for global equities and high-quality bonds, projecting 20% global earnings growth in 2026 despite the Middle East conflict and a closed Strait of Hormuz.

Key Takeaways

• 1.UBS maintains an Attractive view on global equities, specifically in the US, Switzerland, China, and emerging markets, citing robust earnings and structural tailwinds.
• 2.In fixed income, quality is preferred; the report recommends locking in yields in high grade, investment grade, and emerging market bonds while remaining neutral on high yield.
• 3.Geopolitical risks in the Middle East, specifically the closure of the Strait of Hormuz, remain the primary threat to growth and the driver of energy-led inflation.

Table of Contents

• Investment views
• Asset class outlook
• Risk scenarios
• Asset class preferences
• Macro economic outlook
• Asset class views
• Summary of major asset classes
• Appendix

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