UBS Wealth closes U.S. equity overweight, favors emerging stocks


(Reuters) – UBS Global Wealth Management has closed its overweight position in U.S. equities and shifted to an overweight in emerging market and Japanese stocks, it said on Thursday.

UBS Global Wealth Management chief investment officer Mark Haefele said also that the firm preferred the euro over the Swiss franc and Norwegian crown versus the Canadian dollar.

Reporting by Sujata Rao and Tom Arnold

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