In this first of two podcasts, we lay out the key economics calls from our recently published Outlook. Stay tuned for part two of this series where we discuss the main market calls. Hosted by Bhanu Baweja, Chief Strategist with Arend Kapteyn, Head of Economics & Strategy Research. (01:06) Key economics calls: which regions are improving and which regions aren’t? (03:35) Why our calls are below consensus (4:32) Tariffs assumptions, growth and inflation (08:45) US rates (11:07) China (12:10) What risks could give us better outcomes? *(This information is subject to a disclaimer at the end of this podcast. Please ensure that you listen to the disclaimer and go to www.ubs.com for further information about UBS).

In this second of two podcasts, we lay out the key market calls from our recently published Outlook. See part one for the main economic calls. (01:00) Equity market outlook (02:55) Fed action (5:32) How does the US equity market rank vs other markets? (08:00) Could there be periods where Europe outperforms the US? (08:16) Bond market outlook (08:16) (08:16) Currency market outlook (12:56) What would surprise you next year? *(This information is subject to a disclaimer at the end of this podcast. Please ensure that you listen to the disclaimer and go to www.ubs.com for further information about UBS).

In this episode we explore the global projects valued at over US$1.5 trillion that could help power brand new cities into the future and highlight the five emerging themes that we believe are critical in ensuring a city's long-term growth and vibrancy (5min). *(This information is subject to a disclaimer at the end of this podcast. Please ensure that you listen to the disclaimer and go to www.ubs.com for further information about UBS).

How are Millennials spending their money? And what are they spending it on? Our latest podcast looks at the global spending trends of millennials and the channels in which they are making their purchases. Click to listen. *(This information is subject to a disclaimer at the end of this podcast. Please ensure that you listen to the disclaimer and go to www.ubs.com for further information about UBS).

What is the Phillips Curve? Who uses it? Why is it used? How useful is it? Our latest podcast, hosted by UBS Global Head of Economics, covers all things relating to the Phillips Curve. Listen for a brief introduction and overview. *(This information is subject to a disclaimer at the end of this podcast. Please ensure that you listen to the disclaimer and go to www.ubs.com for further information about UBS).

Geoff Robinson believes valuation models produce a range of outcomes rather than just a single answer. He discusses how to navigate the elements that go into company valuations and how they should be viewed more as probability distributions. *(This information is subject to a disclaimer at the end of this podcast. Please ensure that you listen to the disclaimer and go to www.ubs.com for further information about UBS).

What has driven the recent surge in retail investing? UBS analysts, Keith Parker and Brennan Hawken, discuss the recent rise in retail investing, the age cohort that has seen the largest increase in investing, the regulatory risks involved and much more. *(This information is subject to a disclaimer at the end of this podcast. Please ensure that you listen to the disclaimer and go to www.ubs.com for further information about UBS).

Could transportation be decarbonized by 2050? Head of EMEA Industrials and Global Head of Autos Research discuss the shift to environmentally friendly methods of transportation and the hurdles that may stand in the way. *(This information is subject to a disclaimer at the end of this podcast. Please ensure that you listen to the disclaimer and go to www.ubs.com for further information about UBS).

Is DCF the best method of valuing companies? Or does it use too many assumptions and hence we should use multiples? Does it have to be a binary choice? Hear different perspectives from UBS analysts, Rob Rampton, Liv Townsend and Andrew Stott talking with Geoff Robinson. *(This information is subject to a disclaimer at the end of this podcast. Please ensure that you listen to the disclaimer and go to www.ubs.com for further information about UBS).

How far out are we from 5G networks deployment? And what impact will it have if integrated with smartphones? Listen to UBS analysts, Nicolas Gaudois and Navin Killa, discuss the progress made on the development and implementation of 5G technology, the implications it will have on cost and much more. *(This information is subject to a disclaimer at the end of this podcast. Please ensure that you listen to the disclaimer and go to www.ubs.com for further information about UBS).

How far out are we from seeing supersonic jets for business and commercial use? What are the obstacles standing in the way of progress? Listen to UBS Airlines analyst, Myles Walton, discuss the current landscape for supersonic travel and how it could evolve over the coming years . *(This information is subject to a disclaimer at the end of this podcast. Please ensure that you listen to the disclaimer and go to www.ubs.com for further information about UBS).

When should we expect airlines to see business return to 2019 levels? And when will airlines get to a cash flow break-even point? Listen to UBS analysts, Myles Walton & Jarrod Castle, answer these questions and discuss the current state of the global airline industry. *(This information is subject to a disclaimer at the end of this podcast. Please ensure that you listen to the disclaimer and go to www.ubs.com for further information about UBS).

What is ESG investing and how has it gained traction over the course of the pandemic? Listen to UBS salesperson, Katie Lavin, chat with Head of ESG Investing, Julie Hudson, on the fundamentals of ESG investing, its impact on climate change, new perspectives during the pandemic and more. *(This information is subject to a disclaimer at the end of this podcast. Please ensure that you listen to the disclaimer and go to www.ubs.com for further information about UBS).

Tune in to learn about three significant developments in the healthcare sector that can help address widespread health challenges. Laura Sutcliffe, Healthcare Research analyst at UBS, discusses the impacts of GLP-1s, advancements in neuropsychiatric treatments for addiction and mental health, and the market potential of Brain Computer Interfaces for mobility solutions in this episode.

In our new podcast, Autos analysts, Patrick Hummel and Paul Gong, discuss the recent momentum in the Electric Vehicle landscape – developments in China, global regulation and the importance of cutting edge technology.

Arend Kapteyn and Bhanu Baweja discuss their expectations for the global economy in 2021 and beyond. Click to listen to them discuss the impact of a COVID-19 vaccine, the trajectory of yields, the housing environment and much more. *(This information is subject to a disclaimer at the end of this podcast. Please ensure that you listen to the disclaimer and go to www.ubs.com for further information about UBS).

Join Geoff Robinson, Head of the UBS Research Academy, in learning about the fundamentals of balance sheets, what goes into them and when they need to balance. *(This information is subject to a disclaimer at the end of this podcast. Please ensure that you listen to the disclaimer and go to www.ubs.com for further information about UBS.)

In this podcast we outline the timeline, key signposts and implications for rates and FX ahead of the general election on 4 July 2024. *(This information is subject to a disclaimer at the end of this podcast. Please ensure that you listen to the disclaimer and go to www.ubs.com for further information about UBS).

The surge in eCommerce sales and adoption, particularly among older demographics during COVID-19, has raised questions about the industry's future trajectory. Learn about the key eCommerce trends and potential scale of migration with Jay Sole, US Retailing, Department Stores and Specialty Softlines analyst at UBS, and Jason Finkelstein, US Consumer Sector Specialist at UBS.

How is AI accelerating the growth in data centers? What are the key implications of this across the Capital Goods, Utilities and Metals and Mining sectors? Tune in to our latest podcast to find out. *(This information is subject to a disclaimer at the end of this podcast. Please ensure that you listen to the disclaimer and go to www.ubs.com for further information about UBS).

Sunil Tirumalai and Ken Liu discuss UBS Research insights into the growing collaboration between China and the Middle East in the energy sector. *(This information is subject to a disclaimer at the end of this podcast. Please ensure that you listen to the disclaimer and go to www.ubs.com for further information about UBS).

Our Chief US Economist shares his views on the outlook for the world’s largest economy, Fed’s reaction path, impact of US presidential election and more. *(This information is subject to a disclaimer at the end of this podcast. Please ensure that you listen to the disclaimer and go to www.ubs.com for further information about UBS).

Valuations are nearly as high & leadership nearly as narrow but this isn’t a 90s style bubble. Unfortunately we don’t have conditions for a long bull-run either *(This information is subject to a disclaimer at the end of this podcast. Please ensure that you listen to the disclaimer and go to www.ubs.com for further information about UBS).

The last US CPI print was hot amidst a tight labour market. After declining 6pp to close to ’18 levels, are we at the end of good news on US inflation? *(This information is subject to a disclaimer at the end of this podcast. Please ensure that you listen to the disclaimer and go to www.ubs.com for further information about UBS)..

If Trump wins, will markets rise again? Investors underestimate the difference in starting points today, listen as Bhanu Baweja, Chief Strategist at UBS, shares two key lessons from the last 100 years of elections. *(This information is subject to a disclaimer at the end of this podcast. Please ensure that you listen to the disclaimer and go to www.ubs.com for further information about UBS).

In this episode we recap sector highlights from last year and lay out what lies ahead for 2024 with Gerry Fowler, Chief European Equity Strategist and Head of Derivatives Strategy at UBS, and Sambuddha Ray, Head of EMEA Product Management for Economics and Macro Strategy at UBS. *(This information is subject to a disclaimer at the end of this podcast. Please ensure that you listen to the disclaimer and go to www.ubs.com for further information about UBS).

Does the market think in terms of countries or sectors? Does the market agree with your notions of stocks being grouped into sectors? Which parts of the market require a top-down approach, and which ones bottom-up? *(This information is subject to a disclaimer at the end of this podcast. Please ensure that you listen to the disclaimer and go to www.ubs.com for further information about UBS).

It is increasingly recognized that the energy transition also requires a commodities transition. Listen as Phineas Glover, Head of APAC ESG Research at UBS, discusses our latest Net Zero Transition Materials model and scenarios to help identify the best commodity and company type exposures to the commodities transition. *(This information is subject to a disclaimer at the end of this podcast. Please ensure that you listen to the disclaimer and go to www.ubs.com for further information about UBS).

In this second of two podcasts, we lay out the key trades and market calls from our recently published Outlook. *(This information is subject to a disclaimer at the end of this podcast. Please ensure that you listen to the disclaimer and go to www.ubs.com for further information about UBS).

In this first of two podcasts, we lay out the key economics calls from our recently published Outlook. Stay tuned for part two of this series where we discuss the main trades and market calls. *(This information is subject to a disclaimer at the end of this podcast. Please ensure that you listen to the disclaimer and go to www.ubs.com for further information about UBS).

With 70% of personal wealth in property, many consumers are facing declining real estate prices for the first time in their lives. Additionally, lack of job security and wage reductions further amplify the negative wealth effect. As such consumers choose to save rather than spend money, the impact is widespread. *(This information is subject to a disclaimer at the end of this podcast. Please ensure that you listen to the disclaimer and go to www.ubs.com for further information about UBS).

Take a deep dive into real rates, one of the key topics that feature across our most asked client questions. Arend Kapteyn, Chief Economist at UBS, and Mike Cloherty, Head of US Rates Strategy at UBS, discuss the demand and supply shifts driving yields higher. *(This information is subject to a disclaimer at the end of this podcast. Please ensure that you listen to the disclaimer and go to www.ubs.com for further information about UBS).

US recession continues to be a key theme in some of our most asked client questions. We revisit why we’re still forecasting a US Recession in light of surprises in the US economy and our latest predictions. *(This information is subject to a disclaimer at the end of this podcast. Please ensure that you listen to the disclaimer and go to www.ubs.com for further information about UBS).

How would a digital euro work? What value or risks could it bring? We discuss the key considerations surrounding the launch of a digital euro in this UBS Research podcast.*(This information is subject to a disclaimer at the end of this podcast. Please ensure that you listen to the disclaimer and go to www.ubs.com for further information about UBS).

The US economy has held up better than expected. Should we give up on the recession call? Listen to our #UBSResearch deep dive with Jonathan Pingle, US Chief Economist at UBS, and Bhanu Baweja, Chief Strategist at UBS. *(This information is subject to a disclaimer at the end of this podcast. Please ensure that you listen to the disclaimer and go to www.ubs.com for further information about UBS).

Will the UK avoid a recession? Or will inflation persistence mean more pain? How will the BOE respond? Hear our views on these key debates in this podcast from our Chief Strategist and UK Economist. *(This information is subject to a disclaimer at the end of this podcast. Please ensure that you listen to the disclaimer and go to www.ubs.com for further information about UBS).

In our latest podcast, UBS Research analysts across Asia provide an integrated bird's eye view of the developing Asian economies that could gain from supply chain shifts, laying out their strengths and weaknesses across multiple dimensions. *(This information is subject to a disclaimer at the end of this podcast. Please ensure that you listen to the disclaimer and go to www.ubs.com for further information about UBS).

In this Global Emerging Markets podcast, we get into a detailed chat with our Chief China Economist on the recent weakness and the outlook for the economy. *(This information is subject to a disclaimer at the end of this podcast. Please ensure that you listen to the disclaimer and go to www.ubs.com for further information about UBS).

What is the likelihood of a US economy hard landing? UBS macro economists explore the inflation trajectory ahead and the potential of further FOMC rate cuts. *(This information is subject to a disclaimer at the end of this podcast. Please ensure that you listen to the disclaimer and go to www.ubs.com for further information about UBS).

What does IMO's revised GHG strategy mean for shipping? The International Maritime Organisation (IMO) aims to adopt net zero by ‘around’ 2050. Listen to the potential next steps, industry and stock implications and the likelihood of achieving this target from UBS Industrials and Capital Goods analysts. *(This information is subject to a disclaimer at the end of this podcast. Please ensure that you listen to the disclaimer and go to www.ubs.com for further information about UBS).

How does uncertainty, explainability, bias, and environmental impact link to the use of generative AI? Our latest podcast explores the potential impacts of generative AI from an ESG perspective. *(This information is subject to a disclaimer at the end of this podcast. Please ensure that you listen to the disclaimer and go to www.ubs.com for further information about UBS).

What are the key opportunities and threats media companies are facing with generative AI? Our latest podcast explores the impact on entertainment, music, gaming, publishing, and advertising. *(This information is subject to a disclaimer at the end of this podcast. Please ensure that you listen to the disclaimer and go to www.ubs.com for further information about UBS).

Are insurance companies more positively or negatively impacted by the democratization of generative AI? UBS Head of EMEA insurance explores how insurance companies are leveraging this rapid advancement of technology to reduce costs. *(This information is subject to a disclaimer at the end of this podcast. Please ensure that you listen to the disclaimer and go to www.ubs.com for further information about UBS).

How do student loans and the potential for loan forgiveness impact how consumers spend their money? Our latest podcast explores the impact that student loans have on spending habits and the types of companies who are most affected. *(This information is subject to a disclaimer at the end of this podcast. Please ensure that you listen to the disclaimer and go to www.ubs.com for further information about UBS).

What impact is this looming recession having on credit markets? Our Chief Strategist and Head of Credit Strategy explore why credit markets have been stable, what might catalyze a widening of spreads, and which sectors might impact credit the most. (14 min) #UBSResearch #shareUBS + *(This information is subject to a disclaimer at the end of this podcast. Please ensure that you listen to the disclaimer and go to www.ubs.com for further information about UBS).

We discuss how the supply chain landscape has shifted over the past decade touching upon countries that gained or lose market share, how Chinese companies are reacting, sectors that are likely to see more interest from new aspirants, and much more. Hosted by Sambuddha Ray, Head of Macro Strategy Product Management, UBS, with Sunil Tirumalai, Head of EM & Asia Equity Strategy, UBS. (00:43) Questions we address (03:25) What countries are gaining market share right now? (06:55) What’s the look back period for analysis? (07:38) What sectors should an emerging economy aspiring to gain foothold in manufacturing look at? (10:12) How are Chinese companies reacting to companies moving out of China? (12:42) Examples of insightful company/ market case studies (15:57) Summary *(This information is subject to a disclaimer at the end of this podcast. Please ensure that you listen to the disclaimer and go to www.ubs.com for further information about UBS).

How are US consumers spending their money amidst a looming recession? Our Chief Strategist and US Consumer Research Analyst explore various data points to assess the average level of excess savings in US households and how it’s being spent. *(This information is subject to a disclaimer at the end of this podcast. Please ensure that you listen to the disclaimer and go to www.ubs.com for further information about UBS).

Decarbonising the shipping industry could help to remove 3% of global CO2 emissions. What will be the cost of shipping industry decarbonisation? What impact will it have on the end consumer? Our Industrial Analysts discuss the costs, implications, how regulation/ESG is driving increasing adoption and more. *(This information is subject to a disclaimer at the end of this podcast. Please ensure that you listen to the disclaimer and go to www.ubs.com for further information about UBS).

Global inflation has surged upward over the past couple of years. For the OECD group of relatively advanced countries inflation peaked in the fall of last year at a level not seen since the 1980s, and it has yet to fall substantially from that peak. How much, and how quickly, the inflation is likely to recede is a matter of much debate. *(This information is subject to a disclaimer at the end of this podcast. Please ensure that you listen to the disclaimer and go to www.ubs.com for further information about UBS).

Global employment growth has essentially slowed back to its pre-pandemic average, but the US is a big outlier. Chief Economist, Arend Kapteyn and Global Economist, Pierre Lafourcade tackle some of the toughest questions they have received from investors on labor markets. *(This information is subject to a disclaimer at the end of this podcast. Please ensure that you listen to the disclaimer and go to www.ubs.com for further information about UBS).