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By contrast, both funds received their highest monthly net inflows of 2023 in June, gaining $265.5 million and $29.74 million, respectively, according to Lipper data. But AI stocks have suffered along with broader markets in recent weeks, as Treasury yields hovering around 16-year highs dull investors' risk appetite. Retail investor flows into the sector have also cooled as the initial fervor surrounding AI wanes. September saw the lowest net monthly retail flows of $1.96 billion into AI-linked stocks since April, according to Vanda Research. "It is possible this negative sentiment could reverse again in Q4, particularly if large cap tech stocks like Nvidia held in AI-themed tech ETFs continue to show strong earnings growth," CFRA's Ullal added.

Persons: Dado Ruvic, Aniket, Mark Haefele, Bansari Mayur, Ira Iosebashvili, Mark Potter Organizations: REUTERS, Robotics, Intelligence, Global Robotics, Automation, CFRA Research, Vanda Research, Global, Nvidia, UBS Global Wealth Management, Thomson, & $ Locations: Bengaluru

☆ Start snapping up AI leaders again because tech stocks' slump has made them undervalued, UBS says
▼ + stars: | 2023-09-29 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementAdvertisementTech stocks have struggled over the past two months – the mini-slump is a buying opportunity, according to UBS. "Tech stocks have remained under pressure in September, with rising yields and mixed results weighing on performance," a team led by CIO Mark Haefele wrote in a research note. "But, we believe the recent weakness provides a good opportunity to add exposure to artificial intelligence (AI) leaders." UBS's view is that the rollout of new AI products will give tech stocks a much-needed boost as investors gauge how listed companies will monetize the field.

Persons: that's, —, Mark Haefele Organizations: UBS, Nasdaq, Service, Tech, Federal Reserve Locations: Swiss

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2023. "While the dot plots suggest upside risks to interest rates, we retain our expectations that the hike cycle is likely done and for the Fed not to raise rates again," Mark Haefele Chief Investment Officer, UBS Global Wealth Management, said in a note. Meanwhile, weak performance of recent listings after their debut highs has dampened hopes of a likely revival in the initial public offering market amid high interest rates and broader market declines. Arm Holdings also fell 3.0% to $51.3 premarket, nearing its IPO price of $51 per share while Instacart (CART.O) lost 1.4%. ET, Dow e-minis were down 188 points, or 0.54%, S&P 500 e-minis were down 34.75 points, or 0.78%, and Nasdaq 100 e-minis were down 160.75 points, or 1.06%.

Persons: Brendan McDermid, Mark, Ankika Biswas, Shristi, Arun Koyyur, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, FedEx, Broadcom, Google, Dow, Nasdaq, Federal Reserve, Apple, Nvidia, Wall, UBS Global Wealth Management, Arm Holdings, Dow e, Marvell Technology, Marvell, Warner Bros Discovery, Paramount Global, Writers Guild of America, WGA, Thomson Locations: New York City, U.S, Bengaluru

☆ Haefele: For the S&P 500 to rally, the mega-cap stocks can't pull back
▼ + stars: | 2023-09-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHaefele: For the S&P 500 to rally, the mega-cap stocks can't pull backMark Haefele, UBS Global Wealth Management CIO, discusses where to invest in the markets and the outlook for the economy.

Persons: Mark Haefele Organizations: UBS Global Wealth Management

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2023. The Consumer Price Index reading for August is due on Sept. 13, while the Federal Reserve's policy decision is scheduled for Sept. 20. New York Fed President John Williams kept his options open over future interest rate policy and Dallas Fed President Lorie Logan said while it "could be appropriate" to skip a rate hike in the upcoming meeting, more policy tightening might be needed. DocuSign (DOCU.O) added 3.1% as the e-Signature product provider beat second-quarter results estimates and raised its annual revenue forecast. GameStop (GME.N) fell 2.3% on a report that the U.S. Securities and Exchange Commission was investigating the videogame retailer's chairman, Ryan Cohen.

Persons: Brendan McDermid, Mark Haefele, Morgan Stanley, John Williams, Lorie Logan, Mary Daly, Ryan Cohen, Shristi Achar, Arun Koyyur, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Mizuho, Dow, Nasdaq, Federal, UBS Global Wealth Management, Traders, FedWatch, Apple, Wall, Dow e, . New York Fed, Dallas Fed, San Francisco Federal Reserve Bank, GameStop, U.S . Securities, Exchange Commission, Thomson Locations: New York City, U.S, Beijing, China, Bengaluru

☆ Asia markets fall as Australia holds rates; investors assess inflation, business activity data
▼ + stars: | 2023-09-05 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

UBS is sticking by its view of a "softish" landing for the U.S. economy, saying inflation is moving closer to the Federal Reserve's target without a recession this year. "August was a tough month for investors," said Mark Haefele, global wealth management chief investment officer at UBS, noting that the S&P 500 ended last month down 1.6%. Last month's increase in core PCE came out well above the Fed's target, which could sustain the possibility of another rate hike, the analyst said. UBS is also watching for a potential rebound in savings rates and further cooling in the labor market. We expect US Treasury yields to fall by year-end as both US economic growth and inflation moderate," Haefele wrote.

Persons: Mark Haefele, Haefele, — Pia Singh Organizations: UBS, Fed Locations: U.S

People are seen on Wall Street outside the New York Stock Exchange (NYSE) in New York City, U.S., March 19, 2021. Focus now shifts to a report on the personal consumption expenditures price index, the Fed's preferred inflation gauge, which is set to be released on Thursday and the non-farm payrolls data due on Friday. ET, Dow e-minis were up 74 points, or 0.22%, S&P 500 e-minis were up 6.5 points, or 0.15%, and Nasdaq 100 e-minis were up 41.5 points, or 0.28%. Horizon Therapeutics' shares rose 5.2%. Reporting by Shristi Achar A and Amruta Khandekar in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, Stocks, Jerome Powell, Mark Haefele, Powell's Jackson, Shristi Achar, Shounak Dasgupta Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Fed, UBS Global Wealth Management, U.S, PDD Holdings, Baidu, Dow e, U.S . Federal Trade Commission, Horizon Therapeutics, Therapeutics, Thomson Locations: New York City, U.S, China, Xpeng, Bengaluru

☆ Nasdaq futures rally as Nvidia's blowout forecast boosts AI stocks
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +3 min

The logo of technology company Nvidia is seen at its headquarters in Santa Clara, California February 11, 2015. Nasdaq 100 e-minis were up 172 points, or 1.13% and S&P 500 e-minis were up 21.75 points, or 0.49% at 5:28 a.m. "It is clear...that AI demand is still outstripping supply," Mark Haefele, chief investment officer at UBS Global Wealth Management, said in a note. "Within the tech sector, we think software and internet stocks are best positioned to ride the next wave of the technology cycle and the broadening of AI demand." Splunk Inc (SPLK.O) gained 13.9% after the data analytics software maker forecast third-quarter revenue above market estimates on expectations of AI-related spending.

Persons: Robert Galbraith, Mark Haefele, Jerome Powell, Amruta Khandekar, Shreyashi Sanyal, Savio D'Souza, Shinjini Organizations: Nvidia, REUTERS, Dow, Nasdaq, UBS Global Wealth Management, Microsoft, Palantir Technologies, Micro Devices, Marvell Technology, Semiconductor, Europe's ASM, BE Semiconductor, ASML, Investors, Federal Reserve, U.S, Treasury, Boeing, Splunk Inc, Thomson Locations: Santa Clara , California, United States, Jackson, U.S, Bengaluru

☆ A 'soft-ish' landing is still possible for the U.S. but there are many issues, UBS CIO says
▼ + stars: | 2023-08-22 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailA 'soft-ish' landing is still possible for the U.S. but there are many issues, UBS CIO saysMark Haefele, chief investment officer at UBS Global Wealth Management, discusses the outlook for the U.S. economy.

Persons: Mark Haefele Organizations: UBS, UBS Global Wealth Management Locations: U.S

☆ Don't rule out more interest-rate hikes, with the job market still looking strong
▼ + stars: | 2023-08-07 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

The central bank will need to see more "signs that labor market conditions are loosening," governor Michelle Bowman said Saturday. But governor Michelle Bowman pushed back on Saturday, saying that additional hikes would probably be needed to bring inflation in line with the central bank's 2% target. Bowman flagged the labor market the same week a fresh batch of jobs data signaled the Fed might have more work to do to stop another flare-up in prices. "The recent jobs data is more or less in agreement with anecdotal evidence that a softening in the labor market is underway," UBS Global Wealth Management CIO Mark Haefele said in a note to clients Monday. "But elements of resilience in the jobs market mean that investors cannot yet take an end to rate hikes for granted," he added.

Persons: Michelle Bowman, Jerome Powell, Powell, Mark Haefele Organizations: Service, Federal Reserve, Kansas Bankers Association, Bowman, UBS Global Wealth Management Locations: Wall, Silicon

☆ Jamie Dimon, Larry Summers blast Fitch's shock US downgrade as 'ridiculous' and 'bizarre and inept'
▼ + stars: | 2023-08-03 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +5 min

Fitch's downgrade of the US government's credit score on Tuesday has come as a shock to markets. Here's how 8 top voices have reacted, including Jamie Dimon, Warren Buffett and Larry Summers. But the decision of a credit rating agency today, as the economy looks stronger than expected, to downgrade the United States is bizarre and inept," Summers said in a post on X. Fitch rating services down grades US credit rating from AAA to AA+. I strongly disagree with Fitch's decision, and I believe it is entirely unwarranted," Yellen said.

Persons: Jamie Dimon, Warren Buffett, Larry Summers, Fitch, Berkshire Hathaway, Treasurys, Buffett, Dimon, Jeenah, Summers, Mohamed El, Erian, Paul Krugman, Krugman, Robert Kiyosaki, Rich Dad, Brace, Janet Yellen, Patrick Semansky, Yellen, Mark Haefele, Haefele Organizations: AAA, Service, Biden, Wall, Berkshire, CNBC, JPMorgan, Allianz, Fitch, AA, Fed, Treasury, AP, UBS Global Wealth Management Locations: Wall, Silicon, U.S, United States, States

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 20, 2023. Chart shows that the U.S.'s long-term foreign currency rating was downgraded by Fitch to AA+ in 2023, following a similar move from S&P in 2011. ET, Dow e-minis were down 104 points, or 0.29%, S&P 500 e-minis were down 24 points, or 0.52%, and Nasdaq 100 e-minis were down 132.25 points, or 0.84%. Among other early movers, Starbucks (SBUX.O) eased 1.9% after the world's largest coffeehouse chain missed market expectations for quarterly comparable sales. Reporting by Johann M Cherian and Bansari Mayur Kamdar in Bengaluru; Editing by Saumyadeb ChakrabartyOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, Fitch, Mark Haefele, Wells Fargo, Johann M Cherian, Saumyadeb Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Wall, AAA, Standard, UBS Global Wealth Management, Fitch, AA, Dow e, Nvidia, Microsoft, Devices, U.S, Caterpillar, CVS Health Corp, DuPont de Nemours, Investors, Thomson Locations: New York City, U.S, States, Wells, Bengaluru

Microsoft is set to shed about $100 billion from its market capitalization if the loses hold until close of trading. "The tech earnings season has started on a mixed note," said Mark Haefele, global wealth management chief investment officer at UBS in a client note. "The tone set by quarterly results over the next week will be crucial to the performance of tech stocks through the rest of the third quarter." Large tech companies, which rely heavily on borrowed money, have been pressured since the Fed started its tightening cycle to tame inflation. However, optimism over AI and hopes that the Fed is nearing the end of its rate hiking cycle have supported tech stocks in recent months.

Persons: Lucy Nicholson, Paul Nolte, Murphy, Sylvest, Mark Haefele, Wall, Stuart Cole, Bernstein, Mark Shmulik, Meta, enviously, Shmulik, Shreyashi Sanyal, Amruta, Lucy Raitano, Johann M Cherian, Amanda Cooper, Saumyadeb Organizations: Los Angeles , California U.S, REUTERS, Microsoft, Google, UBS, Apple Inc, Amazon.com Inc, Fed, Equiti, Federal Trade Commission, Amazon, Inc, Facebook, Thomson Locations: Los Angeles , California, U.S, HK, Bengaluru, London

☆ China hints at bringing in a stimulus package to support its faltering economy
▼ + stars: | 2023-07-25 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

The Politburo acknowledged a stimulus package would be needed to deal with "new difficulties and challenges". Beijing's top decision-making body the Politburo said late Monday that it would launch its stimulus package "with precision and force" to boost demand, according to Xinhua. The country's economy has also been plagued by a property-market crisis ever since embattled developer Evergrande missed its scheduled debt repayments in 2021. The Politburo had been expected to conclude its July meeting later this week, so Monday's hints of a stimulus package surprised markets. "Though few concrete details were revealed and the language falls short of bazooka-style stimulus measures, we think the tone taken is positive," he added.

Persons: Xi Jinping, Evergrande, Mark Haefele Organizations: Service, Xinhua, CSI, UBS Global Wealth Management Locations: Wall, Silicon, Shanghai, Beijing

☆ Xi Jinping's politburo is set to weigh up how to revive China's faltering economy
▼ + stars: | 2023-07-24 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

China's top decision-making body, the Politburo, is set to meet to discuss the economy Friday. The country's growth has stagnated in recent months, while youth unemployment has soared. The Politburo, which is Beijing's top decision-making body, is set to meet at the end of what could be a make-or-break week for markets. That's become a crucial concern for China in recent weeks, with growth stagnating, youth unemployment soaring, and the country teetering on the brink of deflation. Chinese stocks have struggled in 2023 amid signs the country's economy is faltering after nearly three years of harsh zero-COVID lockdowns.

Persons: That's, Evergrande, Xi Jinping, Mark Haefele, we've Organizations: Service, UBS Global Wealth Management, CSI Locations: Beijing, Wall, Silicon, mull, China, Shanghai

U.S. stocks have made big gains this year, but the performance across global stocks has been uneven so far. So where will global stocks go in the second half of the year? Five of the strategists polled expect global markets to fall, while another five say the stocks will beat their U.S. counterparts. Global market bulls Those who expect global stocks to beat the U.S. are most bullish on the U.K., Europe and Japan. Global market bears Andreas Bruckner, European equity strategist at BofA Global Research, predicts that Europe's Stoxx 600 will end the year at 390 — a nearly 15% decline from Monday's close.

Persons: Christian Abuide, Karim Chedid, Liz Ann Sonders, Charles Schwab, Andreas Bruckner, Mark Haefele, Bruckner, Roger Lee, Lee, Haefele, Carrier Organizations: CNBC Pro, U.S, Lombard, iShares, BofA Global Research, UBS Global Wealth, Nasdaq, UBS, RBC Wealth Management Locations: Japan, China, U.S, Europe

☆ It's official: China's economy is faltering
▼ + stars: | 2023-07-17 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

Its economy grew 6.3% over the second quarter, falling short of forecasters' expectations. Retail sales growth slowed to 3.1% in June, down from 12.7% the previous month. Beijing finally lifted its harsh zero-COVID restrictions at the end of 2022, sparking hopes of a rapid recovery for the world's second-largest economy. "The pandemic hangover is plaguing China's recovery, Moody's Analytics economist Harry Murphy Cruise said in a research note. China's ruling Politburo is set to meet later this month, and economists expect it to discuss potentially bringing in a stimulus package to boost the country's sputtering growth.

Persons: China's, China –, Harry Murphy Cruise, Mark Haefele Organizations: Service, Privacy, China, Beijing, National Bureau of Statistics, Reuters, CSI, Shanghai, People's Bank of Locations: China, Wall, Silicon, Beijing, People's Bank of China

☆ Stock Market Today: Dow Futures Rise as JPMorgan Posts Hefty Profit Gain
▼ + stars: | 2023-07-14 | by ( ) www.wsj.com time to read: +1 min

JPMorgan posted a robust $14.47 billion profit last quarter , beating analyst expectations, while Wells Fargo and BlackRock also reported a jump in earnings. Dow Jones Industrial Average futures rose 0.5% while tech-heavy Nasdaq-100 futures hovered. The WSJ Dollar Index crept higher too, halting a six-day slide that took it to its lowest level since February. In Asia, the Hang Seng index edged up 0.3% while the Nikkei 225 index weakened 0.1%. Brent crude, the international oil benchmark, weakened 0.1% to around $81.30 a barrel.

Persons: ”, Mark Haefele, Brent Organizations: JPMorgan, “, UBS, Futures, Dow Jones Industrial, Nasdaq, Nikkei Locations: Wells Fargo, BlackRock, “ U.S, Asia, Europe

☆ 3 reasons to stick with bonds, according to UBS
▼ + stars: | 2023-07-14 | by ( Fred Imbert | ) www.cnbc.com time to read: +1 min

Still, UBS advised its clients to stay overweight bonds, a traditionally safer asset relative to equities. Mark Haefele, CIO of global wealth management at UBS, pointed to three reasons for the bank's preference toward bonds: Haefele said that "good macro news is already priced into the S & P 500, in our view, setting the bar higher for the rest of the year. There are several exchange traded funds investors can use to gain exposure to bonds One of them is the Vanguard Short-Term Bond ETF (BSV) . The fund has a year-to-date total return of 1.95%, according to FactSet. The fund has a total return of 3.94% in 2023, per FactSet, and an expense ratio of 0.15%.

Persons: Mark Haefele, Haefele, —, Michael Bloom Organizations: UBS, Federal, Bond, Treasury Bond ETF

The bullish view Just four of the 15 strategists expect the S & P 500 to end the year higher than current levels, albeit very slightly. He expects the S & P 500 to end the year at 4,500 — up 2.3% from its current level. Instead, Peng said the S & P 500 's performance will likely broaden over the second half of this year. She expects the S & P 500 to remain flat by the end of the year at 4,300. UBS expects the S & P 500 to end the year at 4,100 — a drop of 7% from current levels.

Persons: Stocks, BlackRock Karim Chedid, Jerome Powell, Karim Chedid, Chedid, Chadha, Charles Schwab Liz Ann Sonders, Ken Peng, Peng, Savita Subramanian, Andreas Bruckner, Liz Ann Sonders, Charles Schwab, Matt Rowe, Mark Haefele, Christian Abuide, Sameer Samana, Rowe, Wouter Sturkenboom, Sturkenboom Organizations: CNBC Pro, Investment, iShares EMEA, BlackRock, Reserve, Deutsche Bank, Citi Global Wealth Investments, Big Tech, Bank of, Equity, Nomura, UBS Global Wealth Management, Federal Reserve, UBS, Lombard, RBC Wealth Management, U.S, Global Market, Wells, Wells Fargo Investment, Nomura Private Capital, EMEA, APAC, Northern Trust, Wells Fargo Investment Institute Locations: U.S, Asia, Europe, Wells Fargo, Northern, Samana

☆ The 2023 stock rally is no longer about just AI and Big Tech
▼ + stars: | 2023-07-08 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

Big Tech stocks led US stock gains in the first half of 2023, fueled by an explosion of interest in AI. June was the benchmark S&P 500 index's best month since October, with a 6.5% gain that was close on the heels of the FANG+ group of New York Stock Exchange-listed Big Tech companies. "But, there were signs in June that mega-cap AI equities are consolidating, and that the rally is broadening to laggards," he added. "Far from being at risk of collapsing, stocks are actually looking healthier than they did when the AI rally really kicked off." Read more: Forget FAANG and GAMMA, the 'Magnificent 7' tech stocks - including Tesla and Nvidia - now dominate the market

Persons: Minerva, Kathleen Brooks, we're, Brooks, PulteGroup, Big, Mark Haefele Organizations: Big Tech, Service, Apple, Microsoft, Nvidia, New York Stock Exchange, General Electric, Meta, UBS, Swiss, Federal Locations: Wall, Silicon

☆ Stocks' bull run from the first half won't last - high interest rates and slumping growth will kill the rally, UBS says
▼ + stars: | 2023-07-04 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

The stock-market rally will fade over the second half of 2023, according to UBS. Equities have started the year on a tear, with tech stocks posting their best first half since 1983. "Fears of higher rates, a few disappointing economic numbers, or a shift in equity market sentiment could quickly unravel optimism about US growth resilience and its underpinnings," they added. Even the AI boom – which has helped Big Tech stocks including Nvidia, Tesla, and Meta Platforms rack up triple-digit gains – could peter out soon, Haefele's team said. Read more: The AI boom has powered tech stocks to their strongest start to a year since 1983

Persons: —, Mark Haefele, Stocks, Read Organizations: UBS, Service, Big Tech, Nvidia, Tesla Locations: Swiss

☆ Haefele: Emerging markets are attractive because they trade at a significant discount to the S&P 500
▼ + stars: | 2023-06-23 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHaefele: Emerging markets are attractive because they trade at a significant discount to the S&P 500Mark Haefele, UBS Global Wealth Management CIO, discusses the areas of the market that he's finding opportunity in.

Persons: Mark Haefele Organizations: UBS Global Wealth Management

Investors now expect China markets to stage a recovery in the second half of 2023. "(China) markets have baked in a lot of the doom and gloom in the economy given the declines since January's peak," said macroeconomist Aidan Yao. If it is the case, spreads will start to tighten across the board," said Monchau, adding that China is under-represented in portfolios. Franklin Templeton expects the recovery in Chinese markets to happen in stages, with opportunities in the industrial equipment and banking sectors. "China (is) at the nadir of its business and profits cycle, but also offering what we consider compelling valuations."

Persons: Aidan Yao, Yao, Goldman Sachs, Charles, Henry Monchau, Mark Haefele, Franklin Templeton, Anisha, Divya Chowdhury, Hugh Lawson Organizations: Investors, Reuters Global Markets, Syz, UBS, Thomson Locations: COVID, U.S, Japan, Germany, China, Asia, Bengaluru

☆ Markets next week may keep thinking about what could go right
▼ + stars: | 2023-05-19 | by ( Scott Schnipper | ) www.cnbc.com time to read: +7 min

At least that's the thinking of a small but growing chorus of voices on Wall Street who outline the case for further stock market gains after both the S & P 500 and Nasdaq Composite touched nine-month highs this past week. The VIX was trading around 16-17 late this week, signaling no great fear among professional traders. Walmart and other retailers this week highlighted consumers are spending less freely, but they're still spending , and that drives two thirds of the economy. Even Mark Haefele, chief investment officer at UBS Global Wealth Management, wrote late this week that he has to entertain what could go right in markets, despite the fact his own view is fundamentally bearish. If that "upside scenario" happens, UBS sees global stocks moving 13% higher by the end of December, and the S & P 500 surging another 6% — to north of 4,400.

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