UBS On-Air: House View

US equities and bonds fell in tandem on Friday, as concerns over potential Fed rate hikes, equity issuance by Meta, Broadcom's disappointing AI revenue outlook, and a reversal in semiconductor stocks weighed on markets. However, after the recent rally, a pullback was expected. Despite renewed worries, we expect the rally to resume.

US stocks fell to their lowest level in over a month as a tech-led sell-off deepened, the war in Iran showed little signs of ending, and accelerating inflation intensified Federal Reserve hike worries. But we think near-term Fed hikes remain unlikely, AI fundamentals are still strong, and a path toward reopening the Strait of Hormuz should become clearer. Investors should stay positioned for equity gains and ensure portfolio diversification.

US stocks fell on Tuesday after an earlier rise on optimism about an imminent US-Iran deal. While the path toward a resolution is likely to be uneven, our base case is that diplomacy ultimately prevails, allowing investors to refocus on resilient economic fundamentals and robust earnings growth in both the US and Europe.

Health care has traditionally been viewed as a defensive sector, but investors should not ignore the innovative growth opportunities it offers. Supported by technological advances and a structural shift in demographics, we favor global health care and hold a positive outlook on the Longevity theme.

Shane returns to share some reflections on President Trump’s policy remarks at the World Economic Forum in Davos, Switzerland, this week. This includes a look at where the Trump administration’s pursuit of Greenland stands, and what next-steps could look like in terms of negotiations with Denmark and the broader European Union. Plus, a look at where efforts stand on Capitol Hill to avoid a partial shutdown of the U.S. government. Featured is Shane Lieberman, Senior Governmental Affairs Advisor, Governmental Affairs US. Host: Daniel Cassidy

As we close out the series for 2025, Shane drops by for a Capitol Hill roundup as we cover developments surrounding Congressional votes on healthcare legislation, and the National Defense Authorization Act. Plus, some thoughts on renewed bipartisan efforts to ban Congressional stock trading. Featured is Shane Lieberman, Senior Governmental Affairs Advisor, Governmental Affairs U.S. Host: Daniel Cassidy

Shane drops by for a geopolitics roundup with updates on the latest developments with respect to the Russia-Ukraine War and Venezuela. We also review the priorities of Congress through year-end and into early 2026. Featured is Shane Lieberman, Senior Governmental Affairs Advisor, Governmental Affairs US. Host: Daniel Cassidy

Shane joins to update on a variety of timely topics, including the implications of potential Election Day outcomes, the prospects for an end to the ongoing U.S. government shutdown, along with the Supreme Court’s hearing on the Trump administration’s use of the International Emergency Economic Powers Act (IEEPA). Featured is Shane Lieberman, Senior Governmental Affairs Advisor, Governmental Affairs US. Host: Daniel Cassidy

Shane joins mid-week for an update on the US government shutdown, including a look at impacted services, and where negotiations stand to re-open the government. We also touch on recent developments surrounding US-China trade talks. Featured is Shane Lieberman, Senior Governmental Affairs Advisor, Governmental Affairs US. Host: Daniel Cassidy

As the U.S. government has entered a shutdown, Shane drops by to explain the scope of impact, along with next steps with respect to negotiations. Plus, thoughts on yesterday’s Oval Office announcement related to drug pricing. Featured is Shane Lieberman, Senior Governmental Affairs Advisors, Government Affairs US. Host: Daniel Cassidy