UBS: Be prepared for potential market volatility.

The office of the Chief Investment Officer of UBS Wealth Management stated that since the concerns triggered by US tariff policies in April reached their peak, the S&P 500 index has risen by nearly 30%. This reflects investors' increasing belief that the US will reach a compromise with its major trading partners. Recent data also indicates that the US economy has shown resilience, and market sentiment has been boosted by top technology companies continuing to increase capital expenditure on artificial intelligence. UBS also cautioned that the recent sharp rises in the past few weeks have already reflected many potential positive news, and investors should be prepared for possible market volatility in the coming weeks. While the market is encouraged by increased certainty in US-EU trade, the level of US tariffs is still about six times higher than before Independence Day. The economic impacts of these tariffs are currently emerging, and uncertainties still exist regarding their scale, distribution, and second-order effects. The economic impacts of industry-level tariffs may be larger than those at the national level.