US President Trump announced trade negotiations with Canada would end. Trump is unhappy with the Province of Ontario’s adverts, directly quoting US President Reagan arguing against tariffs on economic grounds. Previous negotiation breakdowns focused on policy issues, which were more readily resolved. However, only a limited part of US-Canada trade is affected by this, and precedent does suggest an eventual resolution.

Andrew Mattock is a Portfolio Manager focused on Chinese equities at Matthews Asia. We discuss the macro factors that have driven China’s markets, and how conditions might evolve in the months ahead. Plus, a look at how Artificial Intelligence and US trade policy might shape China’s market outlook, a review of market risk considerations, and how to approach an allocation to China. Host: Daniel Cassidy Recorded on 07 October 2025

There has been a small blip in the oil price following the US announcement that two Russian energy companies would be blacklisted. US President Trump intends to raise the issue of China’s Russian oil purchases with China’s President Xi next week (assuming that meeting goes ahead). In the context of the recent oil price decline, the overnight price move is economically negligible—politics is the only reason it gets any attention.

On this week’s episode of Viewpoints, Burkhard shares his thoughts on the performance of gold and the drivers behind 2025 performance, along with how gold fits in with broader precious metals price action (including silver). Plus, a topical gold-related book recommendation.

Mindful of a flattening yield curve, Sudip and Jeannine join to explain where opportunities exist within munis. We also cover a performance update and outlook for the asset class, following a strong month of September which delivered a notable increase of inflows. Featured is Sudip Mukherjee, Senior Fixed Income Strategist Americas, and Jeannine Lennon, Municipal Strategist Americas, UBS Chief Investment Office. Host: Daniel Cassidy

UK September consumer price inflation was lower than expected. Air fares and fuel prices added, but food prices seem to have been subject to more general discounting. Previously, food prices mainly experienced discounts for supermarket loyalty card holders, which is not captured in the official inflation data.

Tune in for a performance update and outlook for emerging market equities. We also explain the thinking behind CIO’s recent upgrade of Emerging Market equities, along with Mainland China and the China tech sector. Plus, thoughts on key risk events and opportunities outside of China to be mindful of. Featured are Xingchen Yu, Emerging Markets Strategist Americas, & Laura Smith, Investment Specialist, UBS Chief Investment Office. Host: Daniel Cassidy

South Korea’s early October export data showed strength when adjusted for differences in working days. As is now standard, semiconductor exports led this export surge. Auto exports were weakened by US tariffs, but trade with the rest of the world continues to be more or less as normal.

Jason joins to outline the current positioning recommendations and investment outlook from CIO (per the November UBS House View), including thinking behind the upgraded view on equities. We also cover investment risks for the current environment, highlight factors that underpin CIO’s investment outlook, and review the latest messages in focus. Featured is Jason Draho, Head of Asset Allocation Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Financial markets have been pushed around by trade, again. This time the reaction has been positive, as the US seems to have moved away from its more antagonistic position towards China. While the back and forth over trade has certainly done some economic damage, equity markets have reacted more dramatically than the real economy.

Tune in at the start of the trading week ahead of the New York opening bell as Ulrike Hoffmann-Burchardi, CIO Americas and Head of Global Equities for UBS Wealth Management, briefs you on what’s the signal, and what’s just noise in the markets. This week - September inflation data (CPI), ahead of the upcoming October Fed rate decision. Recorded on 19 October 2025.

Join Evan Brown, Portfolio Manager and Head of Multi-Asset Strategy with UBS Asset Management, as he shares thoughts on the current macro environment and the factors that are driving markets. Host: Fatou Konteh, Multi-Asset Specialist. Recorded on 25.10.01

Join Jeff Hans, Senior Portfolio Manager of the House View Equity Portfolios with UBS Asset Management, as he shares a performance update for US equities. We also discuss the impact of Fed rate cuts to US equities, why investors should consider diversifying into value, along with a look at equity sector themes. Host: Dominic Schagar, Senior Equity Investment Specialist. Recorded on 25.09.25

Kurt drops by to update on where negotiations stand to end the U.S. government shutdown, which has now entered week three, along with the scope of impact thus far to financial markets and economic activity. Plus, thoughts on recent US-China trade tensions, and a look at potential next-steps for talks and broader U.S. trade policy. Featured is Kurt Reiman, Head of Fixed Income Americas, UBS Chief Investment Office. Host: Daniel Cassidy

There are reports that the US administration will extend the delay in implementing tariffs on car part imports from two years to five years. This is a reaction to intensive domestic lobbying, and should probably not be taken as a signal for the wider trade tensions between the US and China.

The Federal Reserve’s Beige Book of economic anecdotes was not affected by the absence of a functioning government. There was evidence of prices reacting to trade tariffs, and a sense of labor market fragility. However, it is possible that elements of political partisanship are being captured in some of the reported concerns.

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

Federal Reserve Chair Powell reiterated that labor market concerns dominate inflation concerns in current policy. The lack of a functioning US federal government means this economic analysis depends on dubious quality data—private sector polls and potentially distorted anecdotal evidence—but Powell has shown a willingness to depend on such data in making past policy decisions.

Dave Fazekas is Partner & Head of North American Logistics with Ares Real Estate. Dave joins the podcast to discuss the current investment landscape for the Industrial Real Estate sector. We cover repricing and valuations, positioning considerations, and the impacts of factors such as macro uncertainty, US trade policy and tariffs, along with the rise of artificial intelligence. Host: Daniel Cassidy

Markets have detected some shifting around in the US approach to trade with China. US Treasury Secretary Bessent was vocal in asserting that US President Trump and China’s President Xi will meet. Markets have extrapolated from past meetings to conclude that this will reduce the temperature of the trade rhetoric.