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The world's biggest wealth manager just told clients to sell stocks a?? saying 'brace for higher volatility' from the trade war

The world's biggest wealth manager just told clients to sell stocks a?? saying 'brace for higher volatility' from the trade war
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UBS, the world's largest wealth management group, told its clients to be bearish on stocks and sell off over trade war fears.




UBS wealth management oversees more than $2.4 trillion in assets on behalf of wealthy clients.




Mark Haefele, UBS' global chief investment officer, said: "We do not see this as the best environment for taking risk on stocks."




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UBS Wealth Management, the world's largest wealth manager with more than $2.4 trillion under management, just turned bearish on equities, trimming its core equity recommendation to underweight.
While the US is likely to avoid a recession in 2020, "Downside risks are increasing for both the global economy and markets," said Mark Haefele, UBS' global chief investment officer, in the note dated August 26. "With talks between the US and China dominating market moves over the near term, investors should brace for higher volatility."
"We do not see this as the best environment for taking risk on stocks," said Haefele, who runs investment policy and strategy for $2 trillion in invested assets for the firm.
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