UBS is tilting its asset-allocation focus toward Asian emerging-market bonds, according to comments made by Adrian Zuercher, the firm’s co-head of global asset allocation in the Chief Investment Office and co-head of global wealth management for Asia Pacific, in an interview with CNBC on Sept. 22. Zuercher said elevated global yields are creating more opportunities across credit and fixed-income markets.
He said a strong macroeconomic backdrop is supporting emerging-market debt, adding that bonds tied to Asia’s technology sector, especially high-yield names, have outperformed the broader market in recent months. In his view, the overall quality of high-yield bonds is now better than it was 10 to 15 years ago, leaving Asian emerging-market bonds able to offer both attractive yields and support from a relatively steady macro environment.
On commodities, UBS continues to favor gold for diversification. Zuercher said the current backdrop is constructive for the metal, with structural weakness in the U.S. dollar supporting prices. UBS also said broader commodity exposure can help diversify risk, pointing to higher oil prices linked to tensions in the Middle East and stronger demand for copper and other commodities tied to the AI boom.
UBS is shifting its asset-allocation focus toward Asian emerging-market bonds, according to comments made on Sept. 22 by Adrian Zuercher in an interview with CNBC.
Zuercher, co-head of global asset allocation in the bank’s Chief Investment Office and co-head of global wealth management for Asia Pacific, said global yields remain high, creating more opportunities in credit and fixed-income markets.
He said a strong macroeconomic backdrop is supporting emerging-market debt. Bonds linked to Asia’s technology sector, especially high-yield debt, have outperformed the broader market in recent months. Zuercher added that the overall quality of high-yield bonds is better now than it was 10 to 15 years ago, and said Asian emerging-market bonds can offer both attractive yields and support from a relatively stable macro environment.
On commodities, UBS continues to view gold as a useful diversification asset. Zuercher said the current environment is favorable for gold, with structural weakness in the U.S. dollar providing support for prices.
UBS also said broader commodity exposure can help diversify risk. The bank pointed to higher oil prices driven by tensions in the Middle East, while the AI boom is increasing demand for copper and other commodities.
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