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UBP Weekly View - AI worries weigh on equities as central banks keep rates on hold
UBP House view

02.11.2026

UBP Weekly View - AI worries weigh on equities as central banks keep rates on hold

Major central banks mostly held their interest rates steady last week, with the US Federal Reserve (Fed) and the European Central Bank (ECB) preferring to wait and see what happens. Global equities edged lower as the technology sell-off extended into a third week, with investors focussing on the gap between artificial intelligence (AI) spending and free cash flow. Bonds gained on lower yields, while gold traded lower on modest positioning adjustments and its sensitivity to equity markets.

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