FIEE News and Press, UBS AG FI Enhanced Europe 50 ETN due February 12 2026 From 05/11/22

From copper to iron and aluminum, industrial commodities have been exhibiting a rather synchronized setback going back to the end of March, start of April. This despite supply bottlenecks and production shortfalls which continue to plague each. As with Eurobond prices and credit s...

Just when we thought the world economy was regaining its footing, a military conflict in Europe has led us to reconsider our outlook for growth and inflation. In light of Russia’s invasion, we developed a framework for thinking about the economic impact of the conflict on the e...

The pace of global economic growth slowed in April to the lowest since the downturn of the second quarter of 2020. While an easing of COVID-19 containment measures on average globally helped to sustain service sector growth in April, the rate of expansion in the service sector fell to...

Tightening financial conditions could mean markets see less of a need to hike rates. It is still early days, and previous signs of worsening economic outlooks were met with a shrug by rates markets. Supply is also clouding the picture, but further curve bull-steepening would be a ...

We slightly reduce risk on a worsening macro outlook. We upgrade European government bonds and investment grade credit, and downgrade Chinese assets. The Fed raised rates by 0.5% last week - the largest increase since 2000 - and signaled similar rises ahead. Long-term yields shot up a...

Every asset class has been on a rollercoaster ride as investors are watching central bankers all around globe tighten monetary policy to fight inflation. The focus for the upcoming week will naturally be a slew of Fed speak and the latest US CPI data which is expected to show inflatio...

The US 10yr real yield finally broke decisively into positive territory. The move looks and feels like a confident one. For now, the firming path is correlating with tighter financial conditions. The bulk of this so far has come from higher market rates feeding into wider retail and w...

Earnings growth continues to improve during the quarter and now sits at 35.4% (14.9% when excluding Energy). Since April 1st, earnings growth improved by 14.6 percentage points (ppts). At a sector level, Energy has seen the largest improvement in earnings growth over the same period (...

Rather than care much about the Fed vs. ECB, maybe a better question to ask is this: why is the 4-week Treasury bill sitting there on May 2 yielding only 41 bps? It’s true the Fed is hiking rates more aggressively than the ECB in 2022, but not all rates are rising all that fast...

We argue that the Fed has to deliver on hawkish expectations by hiking by 50bp today and announcing balance sheet reduction. This urgency has also pushed EUR rates up, despite the increasing likelihood of stagflation in Europe. This could flatten the curve and push peripheral spre...