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Overview
This report was prepared by UBS AG London Branch, UBS Switzerland AG, UBS AG Hong Kong Branch, UBS AG Singapore Branch and UBS Financial Services Inc. In this edition, we add more categories to our global asset class preferences, issue a new ratings methodology more focused on factors including 12-month returns, and release our December 2025 price targets for equities. To see our most recent forecasts, please refer to our publication called "Global forecasts “ Please see the important disclaimer at the end of the document. This document is a snapshot view. For all other forecasts and information, we advise you to check the Investment Views section in your E-Banking or in Quotes.
Investment Research
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Investment viewsSection 1
Asset class outlookSection 1.13 Risk scenariosSection 1.25 Asset class preferencesSection 1.38 Asset class views Section 3 Summary of major asset classesSection 3.125 Details per asset classSection 3.234 Appendix Section 462 2 24
Macro economic outlook Section 218
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Section 1
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Asset class outlook
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We maintain our Attractive
view on global, US, European,
Chinese, emerging market,
and Asia ex-Japan equities.
In bonds, we favor investment
grade and high grade, have upgraded emerging markets to
Attractive, and maintain a
Neutral view on high yield.
We continue to view
commodities as Attractive, with a particular preference for gold.
In foreign exchange, we move
the CNY to Attractive. In addition, we have the EUR, NOK, and AUD at Attractive; the JPY, CHF and GBP at Neutral; and the USD at Unattractive.
