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Dear reader,

This month's Feature article focuses on the abrupt return of volatility and investigates how the market will trade once it breaks out of its current range. As we explore in this month's In Context, short-term "noise" is obscuring a positive medium-term "signal." With fundamental growth drivers intact, we believe markets will ultimately climb the "wall of worry" and break out higher as uncertainties are slowly resolved.

Our Thematic spotlight section delves into long-term opportunity in fintech, where an inflection point is accelerating the adoption of digital financial services. This transformation is occurring across multiple technologies. Fintech offers significant growth potential, with revenues set to grow from USD 120bn in 2017 to USD 265bn by 2025—more than triple the growth rate of the broader financial services sector.

We believe that the market cycle end isn't in sight and dynamics like strong earnings growth will continue to drive markets higher. But risks remain, so diversification is important—and we highlight some positions that provide protection against downside scenarios.


Mike Ryan, CFA

Chief Investment Officer Americas

UBS Global Wealth Management

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