The equity market is not a bubble, despite pockets of speculation and all the pre-conditions for bubbles being present, the chief investment officer (CIO) of Swiss bank UBS's wealth management business said.

“Market environments that feature cheap financing, easy access to investments, the incentive to engage in speculative activity, and a technological or political ‘spark’ tend to lead to bubbles. These conditions exist today,” Mark Haefele said in a 14 January note to clients.