The world’s largest wealth manager has turned bearish on stocks, fearing that the latest escalation of the trade fracas between the US and China poses a heightened threat to global markets.
世界最大财富管理公司开始看跌股票，担心美中贸易争端最新的升级会对全球市场构成更大的威胁。
UBS Wealth Management, which overseas $2.5tn for rich clients, has trimmed its core equity recommendation to an “underweight” position for the first time since the height of the eurozone crisis in 2012, on worries that the ongoing trade war and slowing global growth increase the risk of owning stocks.
为富裕客户打理2.5万亿美元资产的瑞银财富管理(UBS Wealth Management)将其核心股票权重建议削减至“低配”(underweight)状态，这是自2012年欧元区危机最严重时期以来首次，理由是担心持续的贸易战和全球增长放缓增加了拥有股票的风险。
The move was prompted by Friday’s announcement by Donald Trump, US president, of an increase in previously announced tariffs, wrote Mark Haefele, global chief investment officer for UBS’s wealth management group, in a note distributed to clients late on Sunday. Underweight means that customers should cut exposures in their portfolios that span various classes of assets.
瑞银财富管理的全球首席投资官马克•海菲尔(Mark Haefele)在周日晚发给客户的一份简报中写道，引发此举的因素是美国总统唐纳德•特朗普(Donald Trump)上周五宣布提高之前宣布要对中国加征的关税。低配意味着客户应该在其包含多个资产类别的投资组合中削减股票敞口。