UBS Global Wealth Management (GWM) has increased its overweight in global equities versus high grade bonds despite a number of recent equity market sell-offs. 

The firm believes that there is scope for positive surprises as the bull market remains intact and valuations appear compelling. 

This change in position comes after it downgraded global equities to a small overweight in August 2018, whilst also paring back some other risk assets. 

There are five reasons why the firm believes the bull market is not over. Firstly UBS research has assessed 120 prior recession episodes over the last 40 years...