Global Economics and Strategy Core Convictions

Latest edition · July 20, 2026

Global Economics & Strategy - Core Convictions (Multi-Asset Rundown)

This weekly report highlights that AI/tech trade remains the primary driver of global growth, offsetting energy-related disruptions. The firm maintains a bearish outlook on JPY and continues to favor overweight positions in Korean equities.

The report provides a multi-asset overview, noting that while economic growth nowcasts are weak due to soft data, hard data remains resilient, supported by the outsized impact of AI/tech trade. UBS expresses tactical caution on JPY, skepticism toward near-term repatriation impacts, and constructive views on European equities through AI enablers and broader earnings recovery. Additionally, the firm maintains an overweight position in Korea, noting that Kospi valuations have hit 25-year lows.

Key takeaways from the latest edition

• 1.Global AI and tech trade continue to neutralize energy and supply chain headwinds.
• 2.UBS remains bearish on JPY, targeting 165 for USD/JPY in Q3 despite potential repatriation talk.
• 3.Korean equities offer high value following a 25-year valuation low; firm maintains overweight stance.

What this series covers

• Global Economics & Strategy
• Core Convictions (Multi-Asset Rundown)
• Highlights this week
• Economics
• Cross-Asset Views

Edition archive

• Global Economics & Strategy - Core Convictions (Multi-Asset Rundown)

  July 20, 2026

• Global Economics & Strategy - Core Convictions (Multi-Asset Rundown)

  July 13, 2026

• UBS Global Economics & Strategy Core Convictions (Multi-Asset Rundown)

  July 6, 2026

• UBS Global Economics & Strategy Core Convictions (Multi-Asset Rundown)

  June 22, 2026