UBS Downgrades U.S. Stocks To Benchmark

UBS strategist Andrew Garthwaite downgraded American equities to "benchmark" in a fully invested global equity portfolio, citing a weakening dollar, stretched valuations and policy volatility. He forecasts the euro at $1.22 by end‑Q1, highlights MSCI World ex‑US up about 8% versus a flat S&P 500 and warns U.S. buyback support has eroded, suggesting investors consider rebalancing abroad.