World's largest wealth manager turns bearish on stocks as trade war deepens

UBS Global Wealth Management, which oversees more than $2.48 trillion in invested assets, has gone underweight on equities for the first time since the Eurozone crisis.

The Swiss asset manager cut its stock positioning relative to high-grade bonds to reduce its exposure to trade wars and political uncertainty, Global Chief Investment Officer Mark Haefele wrote in a note to investors.

“Risks to the global economy and markets have increased, following a renewed escalation in US-China trade tensions,” said Haefele, who had so far resisted turning bearish on stocks since the world’s two biggest economies began their trade feud last year. US President