# CIO maintains a positive investment outlook for > 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. Data as of Oct 21, 2026. Rebuilt every trading night. Published Jan 6, 2026 by UBS. Summary by ETFIQ as of Oct 21, 2026. ## 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. UBS · Bank · Read the full paper at UBS ↗ ### 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, 2026 UBS 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. +$461.8bn net flow, Jan 2, 2026 to Oct 20, 2026, summed over the 713 of 4,807 ETFs ETFIQ covers with a daily figure , Oct 20, 2026. ETFIQ +$127.9bn net flow, Sep 21, 2026 to Oct 20, 2026, summed over the 746 of 4,807 ETFs ETFIQ covers with a daily figure , Oct 20, 2026. ETFIQ +$239.1bn net flow into stock ETFs, Jan 2, 2026 to Oct 20, 2026, over the 319 of 1,739 with a daily figure , Oct 20, 2026. ETFIQ +$177.3bn net flow into bond ETFs, Jan 2, 2026 to Oct 20, 2026, over the 184 of 833 with a daily figure , Oct 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. Method Data ### Related ETFs The largest ETFs ETFIQ covers, by net assets - VOO Vanguard S&P 500 ETF: +16.5% - IVV iShares Core S&P 500 ETF: +16.5% - SPY SPDR S&P 500 ETF Trust: +16.4% - VTI Vanguard Morningstar Total Stock Market ETF: +15.9% - QQQ Invesco QQQ Trust, Series 1: +19.2% - VUG Vanguard 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 State Street Investment Management · Issuer · Apr 22, 2026 · ETFIQ take #### Market Forecasts: Q2 2026 In its April 2026 forecasts, State Street Investment Management expects US economic growth of 2.3% in 2026, a slight cut tied to recent geopolitical events. Outlooks Bonds Read the paper ↗ First Trust · Issuer · Jan 7, 2026 · ETFIQ take #### Forecasts as of January 2026. In its January 2026 forecast, First Trust sets a year-end S&P 500 target of 6,000 and expects real GDP growth of 2% for 2026. Outlooks Read the paper ↗ J.P. Morgan · Bank · Jan 3, 2026 · ETFIQ take #### Eye on the Market, Outlook 2026: Smothering Heights J.P. Morgan's January 2026 outlook says 42 AI-related firms produced 65%-75% of S&P 500 profits, earnings and capex since late 2022. Outlooks Themes Read the paper ↗ All 9 papers on outlooks → ### Questions 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. 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. --- Source: ETFIQ, independent ETF data. Recomputed nightly from public filings and prices. Cite: 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/ Licence: https://etfiq.com/license/ Figures ETFIQ computes are free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms. HTML: https://etfiq.com/research/library/ubs-cio-maintains-a-positive-investment-outlook-for-global/