November 2025 | Chief Investment Office GWM | Investment research 2 UBS House View | November 2025
Wealth in the time of euphoria
November 2025 | Chief Investment Office GWM | Investment research 2 UBS House View | November 2025
In this report
04 Monthly Letter 16 Messages in Focus 18 Asset allocation implementation 20 US economic outlook 22 Equities 23 US equities 24 Bonds 26 Commodities 27 Foreign exchange
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The next edition of the UBS House View: Investment Strategy Guide will be
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UBS Financial Services Inc.
CIO Global Wealth Management
1285 Avenue of the Americas 3rd Floor
This report was published
on 17 October 2025
Ulrike Hoffmann-Burchardi
Authors (in alphabetical order)
Cover image
UBS
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November 2025 | UBS House View 3
Markets entered the fourth quarter close to record highs, driven
by solid corporate earnings, steady consumer spending, and advancements in artificial intelligence. While 2025 has been marked by exuberance in equity markets, renewed trade tensions between the US and China served as a reminder that volatility can surface even amid strong momentum. However, we believe an all- out trade war remains unlikely, with both sides looking to avoid major disruption. While we can’t rule out further volatility, we believe risk assets should continue to be supported by fresh momentum in artificial intelligence, a more accommodative policy backdrop, and a stron- ger US growth outlook. Against this backdrop, we have upgraded
