Markets brace for tariff turmoil as leading investment bank warns of rocky road to year-end recovery

  • As global markets digest a new wave of US tariffs and a worsening trade row between Washington and Beijing, UBS is warning investors not to expect a smooth ride. In its latest equity outlook, the bank says markets are likely to retest recent lows (or even slip slightly beyond them) before staging a modest rebound by the end of the year.