---UBS says robust earnings and cooling inflation should keep global markets on a constructive footing even as the Strait of Hormuz reopens only gradually. The bank's base case is that energy flows through the Strait recover gradually over time, rather than quickly, supporting continued upside in equities alongside robust earnings growth. UBS has maintained a broadly constructive outlook for global markets, arguing that strong corporate earnings and moderating inflation should outweigh lingering geopolitical uncertainty over the Strait of Hormuz for the remainder of the year. On equities specifically, UBS pointed to strong momentum in the ongoing US second-quarter earnings season, with both the breadth and scale of earnings beats coming in ahead of historical averages. UBS noted that current high starting bond yields provide a material cushion against any further increase in rates.