Commentary Last week was a grim reminder that the economic chaos of the lockdown period is far from over. Markets discovered that several major banks, which hardly anyone truly suspected were in trouble, faced closure and quick rescue for fear of contagion. The trouble was the same in each case: too many assets held in…
The Fed Is Running Two Policies at Once
March 20, 2023
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Credit Suisse Shares Crash to Record Low After Emergency Takeover
March 20, 2023
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Credit Suisse shares dove 63 percent in early trading Monday to a new low after it was announced that UBS would buy the troubled bank in a multi-billion-dollar deal backstopped by a Swiss central bank $100 billion emergency credit line. Shares of Credit Suisse clawed back some of the initial losses Monday morning and at…
Swiss Government: UBS to Take Over Credit Suisse
Investment banking company UBS has agreed to purchase Credit Suisse after the Swiss government mediated the merger between the country’s two largest banks to avoid chaos in the financial markets before Monday. The announcement came after government officials had been scrambling for several days to figure out how to save the troubled lender Credit Suisse….
Swiss Government: UBS to Take Over Credit Suisse for More Than $3 Billion
Investment banking company UBS has agreed to purchase its rival Credit Suisse in a deal worth more than $3 billion after the Swiss government mediated the merger between the country’s two largest banks to avoid chaos in the financial markets before March 20. The announcement came after government officials had been scrambling for several days…
UBS Plans More Share Buybacks as Wealth Management Shines
ZURICH—UBS struck a confident tone on Tuesday, reaffirming key financial targets and pledging more share buybacks next year, buoyed by higher interest rates and strong wealth management inflows. The world’s biggest wealth manager reported a smaller-than-expected 24 percent slide in third-quarter net profit, with lower costs and rising interest income helping to mitigate the impact…
Toronto Has the Highest Housing Bubble Risk in the World: Report
Toronto has the highest housing bubble risk among the world’s major cities, according to a new report. The Union Bank of Switzerland’s (UBS) report [pdf] ranked Toronto at the top of its list with a “bubble index” of 2.24, followed by Frankfurt at 2.21 and Munich at 1.81. Vancouver’s bubble index is 1.70, the sixth-highest among…
Fed to Stay Focused on Inflation, Markets Will Be Volatile: UBS Global Wealth
MUMBAI—The U.S. Federal Reserve will not back away from “talking tough” on the markets until there is significant progress on inflation, which will perpetuate volatility into mid-2023, UBS Global Wealth Management’s chief investment officer said on Monday. Mark Haefele told the Reuters Global Markets Forum he saw the S&P 500 ending the year at 3,900…
UBS Quarterly Profit Disappoints, Set for Challenging Second Half
ZURICH—UBS posted a smaller-than-expected quarterly profit as turmoil in financial markets hurt its investment banking and wealth management businesses, with analysts predicting the Swiss bank will see harsh conditions in the second half as well. The Zurich-based bank kicks off a round of earnings by major lenders across Europe, where analysts are watching for signs…
Investment Banks Raise Oil Price Forecasts, Bank of America Targets $140 Barrel
Multiple investment banks have raised their crude oil price forecasts for the year, indicating a delayed respite from high prices. Bank of America analyst Paul Ciana pointed out in a note that West Texas Intermediate (WTI) oil has been trending bullish of late, suggesting that prices might move higher. WTI oil rose to $130 per…
UBS Remains Bullish on This Social Media Giant: Read Why
April 8, 2022
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UBS analyst Lloyd Walmsley raised the price target on Meta Platforms Inc. to $300 from $280 and kept a Buy rating on the shares. The price target implies an upside of 29.4 percent. The impact of the Russia–Ukraine war is more than offset by the company’s lower operating expense estimates. While consensus earnings will move down in the “preview season,” this is…
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