UBS GWM: Bullish on fixed income as disinflationary pressures build

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Adrian Zuercher from UBS Global Wealth Management says he is bullish on fixed income, expecting energy-driven disinflation to spur rate cuts and capital appreciation next year. He favors diversifying beyond AI into financials and industrials, citing resilient European and Asian equities. On Japan, he flags yen weakness despite undervaluation, but holds equities unhedged given the natural offset between currency and exporter earnings.