UBS have published their......>

GLOBAL MARKET/OPINION: UBS have published their 2020 outlook with 4 themes

(quote from their publication):

1) The UBS Cycle Clock tells us that it's past Beta time. The Market Cycle is

close to an all-time high while the Business and Financial Cycles are middling.

We dig deep to find Alpha.

2) Policy makers who are willing (ECB, BoJ) have been less able to lift nominal

growth, while those who are able (China, Germany) are not willing to loosen

strongly. Risk premia may uncoil.

3) The gravity of zero and the world beneath it should keep duration bid,

especially in the developed markets. Get used to flat curves.

4) Both tails are fat, but the cost of hedging is skinny - pay more attention

than usual to protection.

Rates & Credit: Bullish duration, cautious on credit

FX: Modest USD weakness