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The Israel–Iran ceasefire has eased concerns about energy prices, thus curbing inflation pressures and maintaining the prospect of a rate cut by the Federal Reserve this autumn. Investor sentiment remains strong, notably on the technology sector. However, the unpredictability of geopolitical developments, coupled with the looming 90-day tariff-pause deadline, leads us to maintain a broad diversification across asset classes and regions.

Today sees the publication of UBP’s fifth annual Sustainability Report. It covers our strategy, progress and achievements in terms of both our investments and our own operations, and also outlines our next steps.

UBP is taking a three-pronged approach to elevate its private market business as the Swiss bank seeks to deliver a high-quality experience in the increasingly competitive alternatives space, where virtually all private banks are now offering access to differentiated private market investments.

Despite the escalating geopolitical tensions between Israel, Iran and the US, equity and bond markets are – for now – not pricing in a worst-case scenario. In this context, a diversified allocation is warranted to contain tail risks and mitigate mounting volatility. Gold continues to serve as a hedge against extreme shocks.

Israel’s ‘pre-emptive’ strikes against Iran on 13 June represent a meaningful escalation in what had been Israel’s ongoing battle against primarily Iranian proxies. The conflict has now shifted towards a direct confrontation between the two regional powers in the Middle East.

UBP made a strong debut in the Switzerland-wide Bike to Work Challenge this May. Over 110 colleagues pedalled with determination, collectively covering more than 26,000 kilometres.

Peter Kinsella, UBP’s Global Head of FX and Commodity Strategy, discussed the outlook for the USD with Andreas Koenig, Amundi’s Head of Currency Management.

Markets rallied on US–China trade deal progress and soft US inflation data, boosting risk assets and expectations of a Fed rate cut. Yields fell while credit spreads tightened. However, at the end of the week gains faded as Israel–Iran tensions flared up, but this lifted defence stocks. The US dollar weakened, while gold and oil rose on geopolitical tensions.

Our impact investing franchise keeps growing, and with it the team’s conviction and dedication. Through the case studies and data in their annual report they give us a glimpse of their eventful year.

The US dollar has declined by more than 10% since President Trump took office, driven by policy uncertainty, lower growth expectations, and rising inflation concerns.