The euro gained against 12 of its 16 major counterparts as European Central Bank policy makers signaled deflation risks are contained, subduing speculation of a round of bond-buying to boost prices and economic growth.
UBS AG Chief Investment Officer Alexander Friedman recommends investors refrain from adding risk to their portfolios before the U.S. reaches agreement to avert more than $600 billion in spending cuts and tax increases scheduled to begin on Jan. 1.
UBS AG, the world’s largest wealth manager, said clients are shifting money to be managed directly by the bank or pay for advice in a reversal of previous outflows after it revamped services to boost profitability.
UBS AG, the second-biggest manager of money for the wealthy, added overweight ratings on Japanese equities, the U.S. dollar and the Canadian dollar, according to the latest monthly letter from Chief Investment Officer Alexander Friedman.
U.S. stocks fell a second day, giving the Standard & Poor’s 500 Index its biggest back-to-back drop in two months, as a congressional budget accord fueled speculation the Federal Reserve could trim stimulus next week.