ab 20 November 2025 Global Research Global Strategy 2026 Outlook: AI Debt Boom Meets Credit Risk Global: A US-led Correction, but the Credit Cycle Continues US: A Private Credit and AI Debt Financing Story EU: A J-curve Recovery and Dispersion Story Global Strategy Global Matthew Mish, CFA Strategist matthew.mish@ubs.com +1-203-719 1242 Julien Conzano Strategist julien.conzano@ubs.com +44-20-7567 2067 Bhanu Baweja Strategist bhanu.baweja@ubs.com +44-20-7568 6833 Global: A US-led Correction, but the Credit C ...