UBS Equities-Global Strategy _US credit outlook 10 key themes for multi-...-115230338

报告摘要

核心要点

6 May 2025
1. Tariffs: what’s priced into credit?
2. Earnings: how are EPS revisions trending?
3. Asset quality: are we seeing credit cracks?
4. Energy: how vulnerable is credit to lower oil prices?
5. Spreads and recessions: when and where do they peak?
6. Credit market functioning: how severe was the Liberation Day shock?
7. Valuations: where is the fair value for US spreads?

报告信息

文件全名: 《UBS Equities-Global Strategy _US credit outlook 10 key themes for multi-...-115230338.pdf》
适合读者: 战略规划行业研究员
核心数据: cut to 60%, reciprocal tariffs largely rolled back) where default rates remain near 1%
Scenario 2 (China cut to 60%, reciprocal tariffs stand) we see defaults rising to 2-3%
69% of S&P 500 companies beating and EPS on pace for 10% growth. But most of this
shares are 33-37% off peak levels, and stronger credit quality has led to lower betas vs.
timing out. In Scenario 1 (150%+ tariffs on China, 10% reciprocal) we expect a mild
核心议题: 管理咨询

常见问题

《UBS Equities-Global Strategy _US credit outlook 10 key themes for multi-...-115230338》主要包含哪些内容?

US credit outlook: 10 key themes for multi-asset On balance, the US credit outlook hinges on the severity and timing of tariffs and the related recession risks. Rear-view fundamentals appear resilient, with核心数据:cut to 60%, reciprocal tariffs largely rolled back) where default rates remain near 1%;Scenario 2 (China cut to 60%, reciprocal tariffs stand) we see defaults rising to 2-3%;69% of S&P 500 companies beating and EPS on pace for 10% growth. But most of this。

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覆盖 2025 年,全文约 11。

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