CIO maintains a positive investment outlook for global equities
UBS's January 2026 note keeps a positive view on global equities and sees around 10% upside by year-end for MSCI's All Country World index.
What it says
Figures as stated by UBS, Jan 6, 2026- UBS expects the Fed to cut rates this quarter, and says another 25-basis-point move would mean a full percentage point of cuts since September.UBS
- UBS points to the ISM Manufacturing Index, which put US factory activity at its weakest since October 2024.UBS
- UBS sees three sources of US fiscal support early in the year: OBBBA tax refunds, spending delayed by the shutdown, and defense and infrastructure outlays.UBS
- UBS says early signs suggest AI is replacing some jobs, and it expects the labor market to stay weak.UBS
The ETFIQ take
ETFIQ data to Oct 20, 2026 · the 713 of 4,807 ETFs ETFIQ covers with a daily figure, Jan 2, 2026 to Oct 20, 2026UBS reports around 10% upside by year-end for MSCI's All Country World index. From Jan 2, 2026 to Oct 20, 2026, the ETFs ETFIQ can count had a net flow of +$461.8bn, with +$239.1bn for stock ETFs and +$177.3bn for bond ETFs.
+$461.8bnnet flow, Jan 2, 2026 to Oct 20, 2026, summed over the 713 of 4,807 ETFs ETFIQ covers with a daily figureOct 20, 2026 · ETFIQ →+$127.9bnnet flow, Sep 21, 2026 to Oct 20, 2026, summed over the 746 of 4,807 ETFs ETFIQ covers with a daily figureOct 20, 2026 · ETFIQ →+$239.1bnnet flow into stock ETFs, Jan 2, 2026 to Oct 20, 2026, over the 319 of 1,739 with a daily figureOct 20, 2026 · ETFIQ →+$177.3bnnet flow into bond ETFs, Jan 2, 2026 to Oct 20, 2026, over the 184 of 833 with a daily figureOct 20, 2026 · ETFIQ →
Paper: Global equities, 2026 outlook. ETFIQ: the 713 of 4,807 ETFs ETFIQ covers with a daily figure, Jan 2, 2026 to Oct 20, 2026. Net flow is the change in shares outstanding times the day’s NAV, summed over the days in the window, for the funds with a daily figure. The two sets and windows differ; the figures are stated, not reconciled.MethodData
Related ETFs
The largest ETFs ETFIQ covers, by net assetsVOOVanguard S&P 500 ETF+16.5%IVViShares Core S&P 500 ETF+16.5%SPYSPDR S&P 500 ETF Trust+16.4%VTIVanguard Morningstar Total Stock Market ETF+15.9%QQQInvesco QQQ Trust, Series 1+19.2%VUGVanguard Morningstar Growth ETF+11.2%
Figure: total return, 1 year, to Oct 21, 2026, from each fund’s page. All 4,807 ETFs in the screener →
Related papers
Same topic, other sources
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Eye on the Market, Outlook 2026: Smothering HeightsJan 3, 2026 · ETFIQ takeQuestions people ask
What does the UBS paper conclude?
UBS's January 2026 note keeps a positive view on global equities and sees around 10% upside by year-end for MSCI's All Country World index. The paper’s own words are at the link above.
What does ETFIQ’s data show on the same question?
From Jan 2, 2026 to Oct 20, 2026, the ETFs ETFIQ can count had a net flow of +$461.8bn, with +$239.1bn for stock ETFs and +$177.3bn for bond ETFs. ETFIQ states both figures and does not reconcile them.
What do ETF flows show about an outlook?
Where investors actually moved money over the same months: the net flow into stock and bond ETFs, dated, beside the paper’s forecast. More on this →
Where can I read “CIO maintains a positive investment outlook for global equities”?
On UBS’s own site. ETFIQ summarizes the paper and does not host it. UBS’s page ↗
Cite this pageCitation, APA and Markdown
ETFIQ, CIO maintains a positive investment outlook for global equities (UBS), summary and ETFIQ take, as of Oct 21, 2026. https://etfiq.com/research/library/ubs-cio-maintains-a-positive-investment-outlook-for-global/
Summary by ETFIQ. ETFIQ is not affiliated with UBS; logos identify the source.