UBS On-Air: Market Moves

Aakash Doshi, Head of Gold Strategy at State Street Investment Management, drops by the Talking Markets Podcast to outline the investment case for gold against a backdrop of geopolitical uncertainty. Aakash weighs in on price volatility, how he sees gold demand evolving, and how the structural factors that supported the gold market run in recent years have been impacted by recent geopolitical risk factors. Host: Daniel Cassidy

Energy markets gave a cautious response to reports the US and Iran may extend the terms of the “ceasefire”. Key approvals are missing—US President Trump wishes to think about it, which will take a couple of days. Market caution also reflects the more muted tone from the Iranian side. Energy markets need to consider a post-war environment—how quickly production normalizes, what damage must be repaired, and what a newly empowered Iran means.

Tony Kim, Head of the Global Technology Team within the Fundamental Equities division of BlackRock’s Portfolio Management Group, drops by the Talking Markets Podcast to reflect on a recent two-week Asia Tech Tour, where he met with over 40 companies across the AI stack. Tony shares what stood out most from those conversations, and shares how he is framing the opportunity and timing for another emerging tech theme, quantum computing. Host: Daniel Cassidy

In the past day, the US fired on Iran, Iran fired on Kuwait, Israel fired on Lebanon, US President Trump threatened to “blow up” Oman. The US administration says the ceasefire (sic) is holding. Market reactions have been negative but muted. Investors are eyeing US domestic political pressures as grounds for expecting a resolution, in spite of Trump’s denials. Trump’s approval rating hit a new low in a recent opinion poll, and the administration is being directly blamed for higher prices.

Hear from members of the UBS Chief Investment Office fixed income team as they provide a performance and positioning update across fixed income sub-sectors. Featured are Leslie Falconio, Head of Taxable Fixed Income Strategy Americas, along with Senior Fixed Income Strategists’ Letty Zemaitis, Frank Sileo, Sudip Mukherjee & Barry McAlinden, from the UBS Chief Investment Office.