Deleveraging and central bank action should shape up as key themes for international markets in the coming year, according to a new UBS Wealth Management Americas 2012 outlook report titled “Investing at the Crossroads.”

“I’ve never seen an environment where the wisdom of policy choices or the will of political leaders has had such a profound effect,” UBS Chief Investment Strategist Mike Ryan said during the report’s presentation in New York on Thursday night. “We’re at a crossroads,” he said.

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