UBS

Germany

Tariff traffic

– Economic and earnings growth has remained strong. We do not see an imminent end to the cycle.

– But trade tensions have been increasing. While we expect the dispute to be resolved before tipping the world into recession, there is a risk that the conflict gets worse before it gets better.

– As a result, we reduce the size of our overweight in global equities. We will await a reduction in trade risks, as well as monitoring growth and valuations, for signs the time is right to increase exposure again.

– We are left with a broadly neutral exposure to global risky assets.

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With Sustainable Performance, one of UBS's three principles, our focus is on the long-term and we work to provide consistent returns to our stakeholders. Our cross-divisional organization, UBS and Society, focuses our firm on making Sustainable Performance the standard across our firm and part of every client conversation. Our ambition is to be:

– A leader in sustainable investing for private and institutional clients

– A recognized innovator and thought leader in philanthropy

– An industry leader in sustainability

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