UBS House View Investor's Guide March – Entering choppier waters

Changing Context

Our UBS House View Investor's Guide is a monthly snapshot of the CIO’s global views. This publication also offers you in-depth regional insights
and targeted investment ideas to help you best implement CIO’s views in your investment strategy.

The current edition "Entering choppier waters" covers the following topics:

  • The worst of the volatility is likely past for now, extreme investor positioning has reset, and the VIX is close to long run averages.
  • The economic backdrop remains broadly unchanged and positive. Growth is strong and corporate earnings growth is good. We do not believe that the recent sell-off presages a more prolonged decline in equity markets.
  • Hopes for higher growth may now have to compete with fears of higher inflation and interest rates. Abnormal calm is unlikely to return, and correlations between bonds and equities are likely to be less stable in this new phase.

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