UBS Global Wealth Management is turning less positive on equities with the escalation in trade tensions between the US and China

Risks to the global economy and markets have increased, following a renewed escalation in US-China trade tensions

But its not all doom from the managers

  • cautions against large equity underweights and thinks the US will avoid a recession in 2020

Bearish on Asia:

  • Taiwan and South Korea will face the worst of the gloabl slowdown (both dependent on trade, tech)

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UBS oversees more than $2.48 trillion of invested assets