The market rally has nothing to do with Donald Trump's victory in the U.S. election in November, Maximilian Kunkel, cross-asset strategist, ultra high net worth, at UBS told CNBC on Tuesday.



Kunkel explained that the rally has to do much more with the underlying growth we have seen in earnings in the last few months in particular.

"If you look at the third-quarter growth in the United States, earnings was at 4 percent. The market had forecast reduction year on year by about 1 percent. That was the first time since the middle of 2015 that earnings were actually accelerating. We think the earnings growth is going to accelerate into 2017. That's really what is driving the markets."