Stirred, not shaken? June 2026 | Chief Investment Office GWM | Investment research 2 of 30 UBS House View | June 2026
Investment Strategy Guide:
Stirred, not shaken? June 2026 | Chief Investment Office GWM | Investment research 2 of 30 UBS House View | June 2026
In this report
04 Monthly Letter 14 Messages in Focus 16 Asset allocation implementation 18 US economic outlook 20 Equities 21 US equities 22 Bonds 24 Commodities 25 Foreign exchange
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Publisher
UBS Financial Services Inc.
CIO Global Wealth Management
1285 Avenue of the Americas 12th Floor
This report was published
on 22 May 2026
Ulrike Hoffmann-Burchardi
Authors (in alphabetical order)
CIO Content Design
June 2026 | UBS House View 3 of 30
Investors continue to navigate a unique mix of forces: persistent geo-
political disruptions, shifting inflation and rate narratives, and rapid advances in artificial intelligence that are reshaping growth expecta- tions and market leadership. Yet despite a heavily disrupted Strait of
Hormuz and rising bond yields, equity markets have continued to
trade around record highs, as fundamentals have remained strong.
US equities in particular have continued to demonstrate resilience,
and the earnings backdrop has strengthened meaningfully. First- quarter results marked the fastest growth in four years, with broad- based beats across sectors and continued strength in AI-linked industries. Reflecting this improved earnings trajectory, we have raised our 2026 S&P 500 EPS forecast to USD 335 (20% year-over- year growth, up from our prior 11% estimate) and now see the S&P 500 reaching 7,900 by year-end. While near-term upside may be capped at times by yield moves and leadership rotation, we believe the bull market remains intact, with stocks poised to move higher, and continue to keep equities at Attractive.
